In Focus
ECONOMY | Staff Reporter, Singapore

Singapore is top country in SEA for marketplace expansion

It ranked sixth across the globe.

Singapore is the top country in Southeast Asia for market expansion in 2018, payouts provider Hyperwallet revealed.

According to its 2018 Marketplace Expansion Index, across 209 surveyed countries, Singapore ranked sixth due to its business-friendly policies and high smartphone penetration. High level of English fluency also boosted its rankings.

Singapore scored 40.17 points, slightly near India's 40.59.

In terms of infrastructure, Singapore scored 100.1 in terms of ease of doing business.

Meanwhile, the Lion City scored lower in terms of availability of freelance employment with 27.1. India scored the highest with 92.7.

Singapore's e-commerce performed much weaker with a retail growth of 14.8%. India had a 100% rate whilst China had 47%.

Still, Singapore continues to be at an advantage as it remains dominant in the global market with a score of 100 points.

"The local economy is—and continues to be—focused on macroeconomic innovation. Unsurprisingly, this has resulted in a high prevalence of digital development, something marketplaces will appreciate," the report said.

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