Market brief

Singapore

A compact, highly connected market whose payment system is linked across the region.

Singapore’s digital economy is projected at $31 billion GMV in 2026, up 8%. Its PayNow system is linked with Thailand, India, Malaysia and Indonesia. Imported low-value goods are subject to GST, so overseas sellers should plan for tax from the start.

Peacroft does not currently operate in Singapore. This brief summarises public sources to start a conversation. It is not investment, legal or tax advice.

Location of Singapore. Map: Natural Earth (public domain), simplified.

Digital indicators

$31B
digital economy GMV1
2026e · Gross merchandise value, publisher’s estimate for 2026.
94.4%
of people use the internet2
2024
98.0%
of adults have an account3
2024 · Age 15+, at a bank, other financial institution or mobile money provider.
S$400
GST applies to imported low-value goods up to this value4
2023– · Goods imported by air or post, since 1 January 2023.

Online commerce

Since 1 January 2023, GST applies to low-value goods (up to S$400) imported by air or post.4
Overseas vendors must register for GST when their global turnover exceeds S$1 million and their sales of low-value goods and remote services to consumers in Singapore exceed S$100,000.5

What’s changing

PayNow is linked with Thailand’s PromptPay (since April 2021) and India’s UPI (February 2023), and with QR payments in Malaysia (March 2023) and Indonesia (November 2023).6
In November 2022 the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand agreed to cooperate on regional payment connectivity.7

Opportunities

A base for regional partnerships, with payment links into neighbouring markets.6
With 98% of adults holding an account, digital payment is the default.3

Challenges

A small domestic market with international competition and high operating costs.
GST registration and compliance for overseas sellers above the thresholds.5

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Sources

e-Conomy SEA 2026: Singapore country report(opens in a new tab)Google, Temasek and Bain & Company · Published 21 October 2026 · Accessed 14 November 2026
Individuals using the Internet (% of population)(opens in a new tab)World Bank, World Development Indicators (data from ITU) · Published 11 November 2026 · Accessed 14 November 2026
Account ownership (% age 15+)(opens in a new tab)World Bank, Global Findex Database 2025 · Published 2025 · Accessed 14 November 2026
GST on imported low-value goods(opens in a new tab)Inland Revenue Authority of Singapore (IRAS) · Published 10 August 2026 · Accessed 14 November 2026
Overseas businesses supplying remote services and low-value goods to Singapore(opens in a new tab)Inland Revenue Authority of Singapore (IRAS) · Published 2026 · Accessed 14 November 2026
Cross-border payment linkages(opens in a new tab)Monetary Authority of Singapore · Published 2026 · Accessed 14 November 2026
Central banks of Indonesia, Malaysia, Philippines, Singapore and Thailand seal cooperation in regional payment connectivity(opens in a new tab)Monetary Authority of Singapore · Published 14 November 2022 · Accessed 14 November 2026

Sources checked: 14 November 2026