A new report by Singapore-based fintech company ROSHI has highlighted the escalating cost of living in Singapore, confirming its status as the most expensive country in Southeast Asia with a cost of living index of 85.9. The report, which was released on August 8, 2024, points to a significant increase in property and rental costs, with the average price for HDB flats reaching $532,768 and private houses averaging $2,080,533.
Mr. Nada, ROSHI's founder, emphasized the financial pressures faced by residents due to rising costs across various sectors. Despite these challenges, he noted that higher incomes and government support measures help mitigate the impact. The report also provides a comparative analysis of living costs across Southeast Asia, offering valuable insights into Singapore's economic standing within the region.
ROSHI's findings are particularly relevant given its expertise in the fintech sector, where it has been transforming digital lending across Southeast Asia. Since the launch of its automated platform in March 2022, ROSHI has facilitated numerous loan approvals, leveraging AI and machine learning to offer personalized loan options and gather market data. This report underscores ROSHI's commitment to delivering data-driven insights to help individuals and policymakers navigate Singapore's complex financial landscape.
The implications of ROSHI's report are far-reaching, affecting residents considering relocation within the region and policymakers debating affordability and cost management strategies. By providing a comprehensive analysis of living costs and regional comparisons, the report serves as a crucial resource for understanding the economic challenges and opportunities in Singapore and Southeast Asia.
For those interested in delving deeper into the findings, the full report, titled 'Cost of Living In Singapore and South East Asia Insights Report 2024,' is available on the ROSHI website. This document is expected to be an invaluable tool for anyone looking to grasp the economic dynamics of the region.
