East Asia & Pacific · GDP rank #26
Singapore
SG · SGD @ 0.7815/USD
Tab 05
Cross-border
Inbound and outbound remittance corridors, tourism flows, FX markup on retail cross-border, and the country's posture on stablecoin adoption. Corridor figures come from the World Bank RPW feed or the publishing central bank; both are cited when they disagree.
Reported inbound corridors
1 corridor
Reported outbound corridors
5 corridors
Avg. consumer FX markup
Trend · compressing
Top inbound corridors
- Malaysia$120.0M
1.3% cost
Top outbound corridors
- India$1.2B
via PayNow-UPI bilateral corridor, Wise, Remitly, DBS Remit · 2.2% cost
- Philippines$900.0M
2.9% cost
- Indonesia$700.0M
2.5% cost
- Malaysia$600.0M
1.1% cost
- Thailand$500.0M
1.3% cost
FX cost
What consumers pay above the interbank
Retail FX markup is the spread between the mid-market rate and the rate the consumer receives — the single largest friction point in small-ticket cross-border.
PayNow bilateral corridors (PH, MY, ID, IN, TH, HK, AE) deliver ~0.8-1.4% cost; Wise SG and YouTrip sub-1%.
Consumer FX markup vs 3% ceiling
Benchmark 3% is the G20 target for average remittance corridor cost; above the mark is expensive by policy standard.
Trend · compressing
Monetary Authority of Singapore (MAS)
MAS Single-Currency Stablecoin framework live August 2023; StraitsX XSGD and USDC issued under MAS regulation. SGD-pegged stablecoins by DBS and Standard Chartered in pilot under Project Guardian. Full stablecoin law drafted in 2026.