Singapore tops the digitalization ranking in Southeast Asia (SEA) with 1588 points, said Robocash Group on Wednesday.

The investment platform said in a statement that the second place is taken by Malaysia (1495 points), and the third by Indonesia (1419 points).

Meanwhile, Vietnam had the lowest points of 1258. The Philippines and Thailand had approximately the same level.

The study considered six countries of SEA, including the Philippines, Singapore, Malaysia, Indonesia, Vietnam and Thailand.

The degree of digitalization was assessed based on 22 parameters, using the method of data normalization.

According to Robocash, there is a number of reasons explaining Singapore’s leading positions in the ranking.

“First, it is a leader in attracting investment in technology companies – according to Tracxn, Singaporean companies have attracted more than $50 billion of private investments,” Robocash analysts said.

Secondly, they said the country has the most powerful internet infrastructure.

The average mobile Internet speed is approximately 72.18 megabits per second (Mbps), and broadband Internet speed is 214.23 Mbps.

Thirdly, they said the population of Singapore is almost completely penetrated by debit (93.5 percent) and credit cards (41.7 percent).

Fourthly, they said the country is the leader in terms of smart homes per one resident aged 15+.

Finally, they opined that the country has the most powerful state support in the SEA region and a focus on the full digitalization of society.

They noted the government of Singapore adheres to three main pillars of digitalization: digital society, digital economy and digital state.

It is also noted that over the past four years, the government has allocated $10 billion as a part of government digitalization projects and plans to spend approximately the same amount in the coming years.

According to Robocash, Singapore is also characterized with a big share of unique fintech users (gaining 99 points), high level of smartphone (95), mobile phone (83), social media (92) and internet penetration (88).

Robocash is a group of companies, which provides FinTech services in Asia and Europe.

Founded in 2013, the group focuses on providing financial solutions for the underserved by the traditional banking system.

All products of the group are built completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.

Home loans and online loans are the most popular in SEA, says Robocash