Singapore is doubling down on its ambitions to become Asia’s undisputed payments capital, as a new industry report paints the city-state as one of the world’s most advanced digital and cross-border payments hubs.
The Singapore FinTech Association (SFA), together with PwC Singapore, has launched “Payments’ State of Play 2026”, a sweeping review of how the island nation’s payments ecosystem has evolved over the past decade, and where it is headed next.
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The report argues that Singapore’s rise has been driven by a rare combination of progressive regulation, strong foundational infrastructure, high consumer demand for seamless digital experiences, and close public-private collaboration. What began as basic payment rails has now matured into one of the most sophisticated payment markets globally.
Digital payments dominance and record funding momentum
One of the most striking findings is Singapore’s scale of digital adoption. More than 98 per cent of adults are banked, while real-time payments and digital wallets increasingly dominate everyday transactions.
Digital wallets alone are projected to process US$66 billion in online and point-of-sale transactions by 2027, underscoring how cashless behaviour has become deeply embedded in the country’s economy.
Investor confidence has also remained resilient. The report notes that the city-state’s payments sector raised over US$319 million in funding in the first nine months of 2025 — surpassing the combined fintech funding totals of Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
Real-time rails powering the ecosystem
Singapore’s domestic payments infrastructure continues to scale rapidly, led by systems such as PayNow and FAST.
FAST transaction volumes hit 500 million in 2024, representing a 31 per cent year-on-year increase, as real-time transfers become the default for consumers and businesses alike.
Card payments also grew strongly, with total value rising at a compound annual growth rate (CAGR) of 12.9 per cent from 2020 to 2024. E-money value expanded at a CAGR of 7.3 per cent over the same period, despite a slight decline in transaction volume.
E-money growth and the global wallet boom
Singapore’s digital payments market is expected to accelerate further. Total transaction value reached US$39.37 billion in 2023 and is forecast to climb to US$113.65 billion by 2030.
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E-money transactions are projected to rise steadily to US$4.28 billion by 2028, supported by AI adoption, embedded finance innovation, stronger stablecoin regulation, and expanding cross-border payment networks.
This trajectory mirrors a wider global shift, with mobile wallet transactions forecast to surge to an estimated US$17 trillion by 2029.
Cross-border connectivity as a regional differentiator
Singapore is also positioning itself as a key settlement and connectivity hub for Asia. Initiatives such as Project Nexus, alongside PayNow linkages with Thailand and Malaysia, are strengthening the city-state’s leadership in cross-border real-time payments.
Total remittance volume reached US$8.05 billion in 2022 and is expected to grow to US$13.34 billion by 2032, representing a CAGR of 5.2 per cent.
Stablecoins, digital assets, and Singapore’s FX strength
The report highlights Singapore’s rising influence in digital assets, particularly stablecoins. The city-state now accounts for over 70 per cent of Southeast Asia’s non-USD stablecoin market pegged to the Singapore dollar, supported by the Monetary Authority of Singapore’s globally recognised regulatory framework.
Singapore is also reinforcing its status as a major foreign exchange hub. The country is now the world’s third-largest FX trading centre, with average daily trading volumes climbing to US$1.485 trillion in April 2025 — a 60 per cent increase from April 2022.
Holly Fang, President of the Singapore FinTech Association, said, “Over the past decade, Singapore has developed one of the most advanced, resilient, and trusted payments ecosystems in the world.”
She added that progressive regulation and industry collaboration have
positioned Singapore as a leader in real-time and cross-border payments, while also confronting fraud and scams head-on.
PwC Singapore Partner Wong Wanyi echoed this view, noting, “Payments are evolving rapidly, led by technology and emerging realities, while also presenting new risks.”
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She emphasised that sustaining Singapore’s leadership will require strong risk management frameworks and regulatory clarity that encourage innovation while building trust.
The next wave: AI, embedded finance, and consumer protection
Looking ahead, the report identifies several trends shaping the next phase of payments innovation:
- Embedded finance and super apps, integrating lending, investment, and payments into everyday platforms
- AI-powered payments, enhancing fraud detection and optimising processing
- Tokenised deposits and regulated stablecoins, expanding use cases in domestic and cross-border payments
- Greater interoperability, driven by regional initiatives like Project Nexus
- Stronger consumer protection, amid escalating scam risks
Fraud remains a pressing challenge. As of November 2025, scam-related losses in Singapore reached US$620 million, close to the US$812 million recorded across the whole of 2024 — underscoring the urgency for coordinated action across the ecosystem.
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