Despite its diminutive size, Singapore has an outsized impact on Southeast Asia’s financial industry. After all, it’s home to most international financial institutions’ Asia Pacific or Southeast Asia headquarters.
Singapore’s position as a financial hub is backed not just by money and deal flows that go through the city-state to the wider region, but in its financial inclusivity too.
With 98% of its population banked, it far outpaces any other country in Southeast Asia. Credit is in abundance for Singapore’s 4.04 million residents, with over 6.6 million credit cards issued.
Similarly, the Monetary Authority of Singapore, the country’s central bank, has helped keep the nation at the forefront of finance, which includes issuing the region’s first digital bank licences.