Financial Services, Innovation, and Inclusiveness in Singapore

This paper examines the financial sector development in terms of technological change and financial inclusion in Singapore. The paper examines the impact of financial innovation on saving and borrowing behavior in Singapore accounting for age, education, and gender using individual-level data from 2017 Global Findex data. We use the discrete-choice econometric is used to investigate the determinants of financial inclusion in Singapore. The paper also provides an overview of financial development and inclusion in ASEAN.