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The history of the Singapore dollar is one of being linked almost constantly to another currency. Since the country itself was highly unstable during the middle of the 20th century, it was difficult to track its currency and what it was actually based on.
Until 1939, Singapore used what was called the Straits dollar, a currency developed for the so-called 'Straits territories' which included Singapore and Malaysia. In '39 the Straits dollar was dissolved and replaced by the Malaysian dollar, which became the currency used by Singapore by default. This worked out very well for them when they became a part of Malaysia in 1963, but it became a problem when they were expelled from that country and became independent only two years later.
With a new currency and no way to establish it, they initially pegged its value to the pound sterling for stability. When that fell apart, they tried pegging it to the US dollar instead.
Today, the Singapore dollar is a stable currency that exists in a mutually beneficial relationship with the Brunei dollar, both of which can be traded freely in either country interchangeably. Singapore continues to grow the strength of its currency on international markets.