Description

Singapore is a land of contrasts and, at times, of inequality. These issues were highlighted in Oxfam’s ‘The Commitment to Reducing Inequality Index 2018’, where Singapore was in the bottom 10 countries in terms of reducing inequality, being ranked 149 in an index of 157 countries. The government has responded proactively to these challenges by enacting a number of reforms to address the increasing inequality in the country. Equality in the financial market is one area that is particularly worthy of attention. Singapore is a world leader in banking and a financial hub, yet many of its citizens rely on moneylending as their main source of credit. Despite the government interest and activity in the area, there is surprisingly little academic research on low-income debt, moneylending and the impact it has on borrowers. This presentation will consider a range of relevant issues including moneylending regulation, bankruptcy reforms and open banking, highlighting what further steps can be taken to increase equality in Singapore’s financial market.