The global financial ecosystem remains dominated by a few heavyweight currencies—led, of course, by the U.S. dollar with a staggering 49.68% share of international financial influence, according to the latest data from SWIFT. But beneath this familiar headline lies a quieter shift that Southeast Asia watchers will find particularly intriguing. Despite fierce global competition and their relatively smaller economies, Singapore, Thailand, and Malaysia have managed to secure spots in the list of the a20 most influential currencies in the world in 2025. These currencies—the Singapore dollar (SGD), the Thai baht (THB), and the Malaysian ringgit (MYR)—are not just surviving in the global currency market; they are strategically carving out space for themselves in an increasingly multipolar economic order.
Singapore Dollar: A Currency of Global Confidence
Ranked #9 globally with a share of 1.31%, the Singapore dollar continues to demonstrate why it's widely regarded as Southeast Asia’s most stable and trusted currency. In fact, the SGD surpasses other regional and even some European heavyweights like the Australian dollar (1.43%), the Swiss franc (0.96%), and the Swedish krona (0.88%). What sets the Singapore dollar apart is its deep-rooted reputation for financial discipline, political stability, and institutional transparency.
Singapore’s status as a global financial center—home to over 200 international banks and one of the world’s most vibrant foreign exchange markets—supports constant demand for the SGD. The country is also known for maintaining one of the most advanced monetary policy frameworks in Asia, managed meticulously by the Monetary Authority of Singapore (MAS). Unlike many central banks that set interest rates, MAS uses exchange rate policy as its primary monetary tool, making it uniquely responsive to inflation and economic shifts. Moreover, Singapore’s robust position in logistics, biotech, and fintech further enhances its appeal to foreign investors and trade partners who prefer to transact in SGD rather than in more volatile regional currencies.
Thai Baht: Tourism, Trade, and Regional Connectivity Keep It Relevant
The Thai baht, ranked #18 with 0.26% influence, holds a respectable position alongside the Mexican peso and South African rand, currencies backed by major resource exports and regional trade. Thailand’s baht maintains its footing in the global financial system largely due to the country’s diverse and export-oriented economy, as well as its enduring role as a tourism superpower in Southeast Asia. Prior to the COVID-19 pandemic, Thailand welcomed nearly 40 million tourists annually, and while those numbers temporarily dipped, they are climbing back rapidly in 2025 with the resurgence of global travel.
Aside from tourism, Thailand is a major exporter of automobiles, electronics, and agricultural goods—especially rice and rubber. These sectors fuel constant cross-border transactions, increasing the baht’s exposure in global trade. Furthermore, the Bank of Thailand has taken strategic steps to improve financial openness, including initiatives to make the baht more accessible to international investors through regional currency settlement frameworks with neighboring countries like Malaysia, Singapore, and Indonesia. Although political instability occasionally creates short-term volatility, the baht remains a resilient symbol of Thailand’s regional integration and trade relevance.
Malaysian Ringgit: Still Struggling, But Not Invisible
The Malaysian ringgit rounds out the list at #20, sharing the final position with the Hungarian forint at 0.21%. On paper, this may look like a modest achievement—but considering the ringgit’s decline in prominence over the past two decades, its continued presence on the global radar is significant. Malaysia’s heavy reliance on commodity exports like palm oil, petroleum, and natural gas gives the ringgit international traction, especially in Asian energy and raw material trade.
However, the ringgit has long struggled with volatility and speculative pressure, exacerbated by historical capital control measures imposed during the 1997 Asian Financial Crisis. While investor confidence has gradually returned, the ringgit still contends with challenges such as exchange rate depreciation, political instability, and limited international convertibility. Nevertheless, Malaysia has made important strides in enhancing transparency in its financial sector, rolling out Islamic fintech innovations and increasing participation in cross-border payment initiatives under the ASEAN Payment Connectivity Framework. If these reforms continue, the ringgit may slowly recover more ground in global financial markets.
The Missing Giants: Where Are Indonesia, Vietnam, and the Philippines?
While Singapore, Thailand, and Malaysia have made it into the global top 20, some of Southeast Asia’s largest economies by population and growth rate—including Indonesia, Vietnam, and the Philippines—remain absent from the list. This disconnect reflects a broader issue: economic size alone doesn't guarantee currency influence. For a national currency to compete on the global stage, it must be seen as liquid, stable, widely accessible, and low-risk. At present, currencies like the Indonesian rupiah, Vietnamese dong, and Philippine peso are still grappling with limited convertibility, capital flow restrictions, and inconsistent investor confidence.
That said, these countries are not standing still. Indonesia is expanding its global trade footprint, Vietnam is becoming a tech manufacturing hub, and the Philippines has a robust remittance-driven economy. Each of these dynamics could eventually lift their currencies into higher global circulation—but it will require continued reform and deep integration into global financial networks.
The Bigger Picture: ASEAN’s Monetary Momentum
The inclusion of three Southeast Asian currencies in SWIFT’s top 20 is more than symbolic. It shows that ASEAN is becoming a region not just of production and consumption, but of financial relevance. Through efforts like the ASEAN Local Currency Transaction Framework, and bilateral currency swap agreements, regional central banks are paving the way for greater cross-border settlement in local currencies—reducing reliance on dominant global currencies like the U.S. dollar or the euro.
This shift is part of a broader trend of currency diversification and de-dollarization in global finance. With ongoing geopolitical uncertainty and a fragmented global order, smaller currencies—especially those from stable, strategically positioned countries—are gaining new relevance. Singapore, Thailand, and Malaysia are at the frontlines of this change in Southeast Asia.
💬 Final Thoughts: A Voice That’s Growing Louder
