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by: The Beat Asia
September 27, 2022
Singapore topped the list in the Global Financial Inclusion Index inaugural study published by global investment company Principal Financial Group on Sept. 21.
Out of 42 countries, Singapore is the most financially inclusive market in the world, with a score of 68.9, followed by the United States (68.3), Sweden (65.4), and Hong Kong (65.1).
The research was conducted by the Centre for Economics and Business Research using public data and survey-based sources to determine the market’s respective government support, financial system support, and employer support.
Singapore received the highest scores in the government and financial system support pillars, placing the city-state in first and third place, respectively. The city-state's streamlined corporate tax system, financial education, and deposit protection scheme, as well as credit access and small and medium-sized enterprise (SME) growth were the contributing factors.
On the other hand, the Lion City's poor ranking for employee pension contributions caused it to receive a lower score for the employer support pillar, pushing it down to 14th place.
“Financial inclusion is foundational to global economic progress. As an organization focused on helping more people gain access to financial security, we believe inclusion is an integral component of a market’s ability to prepare for and recover from adversity, grow sustainably, and build a brighter future,” Principal Financial Group CEO Dan Houston explained.
The Global Financial Inclusion Index “can identify the structural gaps in financial inclusivity and take steps to address them, along with many others, to help build a more productive and protected workforce and society,” he added.
Visit the Principal Financial Group website to read the full report.
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