Personally I will consider below:
1) Currently SGD sold at 3.16
2) FD here around 4%
3) Unless u foresee SGD appreciating to 3.29 in 1 year's time, otherwise no point open SG a/c (peanut interest)
4) This is comparing like with like (i.e. FD here cannot be compared to opening SG a/c + trade in SGX market lol)