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Marketplace Expansion Index Rank
Down 3 Spots from 2018 Index Rank of #6
- Business-friendly environment across government policy
- Leading smartphone penetration and mobile broadband subscriptions in Southeast Asia
- Highest level of English fluency in an Asian country
- Small domestic addressable opportunity
- Ecommerce as percentage of retail is small, but the broader ASEAN countries represents the world’s the fastest growing region
- Small domestic population of freelancers and consumers
Facts You Can't Forget
Keep the Change. Frost & Sullivan’s Future of Cashless Payment in Singapore 2018 report estimates that 82 percent of Singapore citizens expected to be cashless by 2022.
Dialed In. Singapore has the highest percentage of individuals using the Internet in Southeast Asia with about 84 percent of its population (4.83 million out of 5.75 million) using the Internet, and 75 percent of the population active on social media.
Retail Therapy. BMI Research projects Singapore's ecommerce sales will reach US $7.4 billion by 2020.
For our full explanation, visit our methodology page
The fundamentals of any society and enterprise, including: payment infrastructure, ease of doing business, and Logistics Performance Index.
You’re only as good as your people. Factors in this category include: levels of English proficiency and participation in freelance employment.
This category assessed ecommerce opportunity size, retail ecommerce growth and ecommerce as a percentage of retail transactions.
The fate of foreign entrants, based on the volume of cross-border transactions and if a global marketplace dominates that geography.
"Apart from developing 5G networks and the Internet of Things (IoT), the government has been actively working with the private sector to support the development of IT, particularly in the mobile e-payments sector. Singapore continues to be ranked globally among the top countries in terms of digital readiness and competitiveness, including the World Economic Forum’s NRI (Networked Readiness Index, also referred to as Technology Readiness)."
"For those who are unfamiliar, Singapore historically has been a financial hub in Southeast Asia, but now has also gradually become the crypto hub of Asia. Compared to the rest of Asia and the rest of the world, the regulators in Singapore are well-informed and more transparent about their views on blockchain and cryptocurrency."
"A key issue is whether Singapore has a critical mass of workers to make itself a vibrant economy that will attract investments and encourage enterprise, Education Minister Ong Ye Kung said. The nation will maintain little restriction on foreign labour for high-end jobs such as in artificial intelligence, while keeping a quota system for lower-skilled industries including construction."