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BUSINESS • 08/10/2024 05:52 PM

Singapore Retains Top Spot For Financial Inclusion Globally - Research

KUALA LUMPUR, Oct 8 (Bernama) -- Singapore is once again the world’s most financially inclusive market for the third year in a row, among 41 markets analysed, as measured by Principal Financial Group's third edition of the Global Financial Inclusion Index.

With Hong Kong, South Korea, Switzerland, and Sweden following closely behind, the research ranks markets based on the support provided by employers, the government, and the financial system to foster financial inclusion.

It provides a comprehensive and comparative evaluation of financial inclusion on a global scale, ranking 41 markets on a relative basis in addition to an absolute score assigned at the global and regional levels.

Principal chairman and chief executive officer, Dan Houston in a statement said it has been a challenging year with inflation outpacing wage growth, interest rate hikes, and ongoing market uncertainty.

“As it became harder for businesses and households to access lending, we have seen how governments and the private sector have stepped up to help societies weather these economic conditions. This has led to levels of financial inclusion continuing to increase around the world,” he said.

Key findings from the research also unveiled that financial inclusion has improved globally for the second consecutive year, with all regions and subregions seeing improvements, especially in Latin America.

In addition, the Asia-Pacific region increased its number of top-performing markets with Singapore, Hong Kong, South Korea, Thailand, and Australia all secured spots in the top 10 this year.

Furthermore, employers in young Asian economies have stepped up to help consumers and businesses weather local market economic challenges by supporting households through short-term periods of financial strain.

The research also stated that the United States’ financial inclusion score remains unchanged year over year, suggesting a show of resilience in the face of economic headwinds. However, the market now ranks outside the top five, falling from fourth to seventh.

Conducted by the Centre for Economics and Business Research (Cebr) and Principal, the research ranks 41 markets on three pillars of financial inclusion, namely government, financial system, and employer support, using data points across public and survey-based sources.

-- BERNAMA


 

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