Only 1 in 4 businesses run by women as gender gap persists

Entrepreneurial activity rate compared to men is also low, with only 7.2 female entrepreneurs for every 14.8 male entrepreneurs.

Singapore is the eighth best place in the world and the third best place in Asia for women entrepreneurs to thrive and grow their business, according to Mastercard’s Index of Women Entrepreneurs.

The global index tracks the progress and achievement of women entrepreneurs and business owners in 58 societies across three components: (i) Women’s Advancement Outcomes, (ii) Knowledge Assets & Financial Access, and (iii) Supporting Entrepreneurial Factors.

However, despite Singapore continuing to be ideally positioned on the global scale for women entrepreneurs to set up shop and to do business, the percentage of women business owners remains low with only 1 in every 4 businesses led by a female.

The entrepreneurial activity rate compared to men is also low, with only 7.2 female entrepreneurs for every 14.8 male entrepreneurs, indicating the widening of the gender gap, according to Mastercard.

Still, in Singapore, government funding and grants are a major contributor to the thriving business start‐up culture. “In addition to the financial aid, the advent of crowdfunding platforms in Singapore has allowed loans to be extended to SMEs that may not otherwise qualify for traditional bank loans,” said Mastercard.

Of the 58 markets included in the Index, eight moved up by more than five ranks year-on-year. Asia Pacific’s fast rising markets included Indonesia (+13), Taiwan (China) (+9) and Thailand (+5) which all saw significant jumps in their rankings.

"The research shows that even in a developed nation like Singapore, with a vibrant entrepreneurial scene supported by world‐class infrastructures and robust business schemes and incentives, women’s business ownership is still far from reaching its full potential. Gender inequality continues to be a key consideration and women in Singapore are under‐represented not only as business owners, but also in the corporate world as business leaders and professional workers," said Deborah Heng, county manager, Singapore, Mastercard.