Singapore
Having become a world leader in fintech over recent years, Singapore has seen the rise of innovative and cutting-edge financial services technologies and it has had a significant impact on the growth of the powerful city-state. Intercash has been able to develop a strong infrastructure throughout the region, providing businesses and financial institutions with local payments and card-issuing solutions.
Intercash has local solutions for the Singapore region, and can provide global payment solutions tailored for your business.
Population
5.6 million
Gross domestic product
$382 billion
E-commerce market value
$4.9 billion
Mobile commerce market size
$2.1 billion
Mobile commerce as a percentage of e-commerce market size
42%
Internet penetration
87%
Smartphone penetration
75%
Bank account penetration
98%
Card penetration per capita (debit & credit)
3.57
Preferred e-commerce methods
Overview
E-commerce completed on a mobile device
$2.1 billion
Leading e-commerce payment method
Card - 68%
Largest e-commerce category
Travel - 31%
Despite being the smallest country in both size and population, Singapore is considered to be the financial hub of Southeast Asia.
The small island country has a total land area of just 724.2 square kilometers, yet it is home to over 5.6 million people. The country is one of the wealthiest nations in the world with the seventh-highest gross domestic product per capita globally. The total gross domestic product (GDP) for Singapore is $382 billion, while their Purchasing Power Parity is $5.4 billion.
The Singaporean business to consumer e-commerce market is worth $4.9 billion, and is expected to grow in years to come. The growth of Singapore’s e-commerce market will be supported by their excellent internet technology. Fixed internet connections are typically almost triple the speed of the global average, and the country enjoys highly reliable, secure information and communications technology infrastructure. These factors have promoted high internet and mobile penetration levels among citizens. The growth of the online shopping market in Singapore will also be fueled by a young, tech-savvy population – 80 percent of Singaporeans are aged under 54 – and a growing middle class.
With one of the freest, most innovative and business-friendly economies in the world, there are more than 7,000 multinational corporations from the United States, Japan, and Europe in Singapore. There are also approximately 1,500 companies from China and a similar number from India. Roughly 44 percent of the Singaporean workforce is made up of non-Singaporeans. Globally, Singapore is a leader in several economic sectors. It is the world's third-largest foreign exchange center, third-largest financial centerand second-largest casino gambling market. The economy is diversified, with its top contributors being financial services, manufacturing, and oil-refining, while the country’s largest companies are in the telecommunications, banking, transportation, and manufacturing sectors.
