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SGDSingapore dollar

SGD correspondent banking: who clears the Singapore dollar

Singapore dollar chains generally terminate at a local or regionally established bank. SGD settles through MEPS+.

SGD in the instruction data

Aggregate figures from the current SWIFT standing settlement instruction dataset.

3,123
banks publish a SGD instruction
400
correspondents serve SGD
28%
served by the top three
128
countries represented

Individual instructions, BICs and account numbers are available to subscribers.

Tracing a SGD chain

Each instruction names the institution holding that bank's SGD account. Following those links repeatedly ends at a bank that publishes no onward SGD instruction — the ultimate clearer, with direct access to MEPS+. That is where the money actually settles before moving inwards to the beneficiary.

Who clears SGD payments?
SGD settles through MEPS+. Banks without direct access hold a nostro account with a correspondent that has it, so a SGD payment reaches the beneficiary by settling at that correspondent first and moving inwards. In the current dataset 400 distinct institutions act as SGD correspondents.
How concentrated is SGD clearing?
The three largest SGD correspondents between them serve about 28% of the banks that publish a SGD instruction. Concentration matters because the withdrawal of one correspondent can affect a large number of respondent banks at once.
How do I find a bank's SGD correspondent?
Search the bank's BIC, select SGD, and the chain resolves hop by hop to the institution that clears the currency, including the nostro account number on each relationship.
Trace a SGD chainHow it works

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