The city-state is amongst the global digital elites identified in the study by the Fletcher School at Tufts University and Mastercard.
According to the Digital Evolution Index 2017, Singapore, the United Kingdom, New Zealand, the United Arab Emirates, Estonia, Hong Kong, Japan, and Israel have the most advanced digital economy given their momentum and innovation.
Meanwhile, based on the overall digital evolution scores, the research identifies Norway as the most advanced digital economy, followed by Sweden, Switzerland, Denmark, Finland, Singapore, South Korea, the United Kingdom, Hong Kong, and the United States.
Across the Asia Pacific region, Singapore reigned supreme, followed by South Korea, and Hong Kong. On the other hand, Pakistan, India, and Bangladesh showed the lowest scores in the region.
The study maps the development of 60 countries in terms of competitiveness and market potential for further digital economic growth.
Bhaskar Chakravorti, a senior associate dean of International Business and Finance at the Fletcher School at Tufts University, said businesses, governments and civil society are working to bring everyone online, while also ensuring the security of the digital infrastructure.
"Adoption, the quality of digital infrastructure and institutions, and innovation collectively shape a country's digital competitiveness, but governments also play a key role. The report also found that consumers' trust in digital technologies correlates with digital competitiveness," he said in a statement.
The study analysed the countries in terms of four key dimensions comprising of behaviour, attitudes, environment, and experience to better understand the state of digital trust. Singapore scored well, especially in the behaviour, ranking second in the said dimension. It ranked 11th and 12th in experience and environment, respectively. The two dimensions look at the user experience, as well as privacy and accountability.
For Mastercard Singapore Country Manager Deborah Heng, Singapore's success is due to the strong support coming from its government to push for innovation.
"As reflected in the Digital Evolution Index 2017, Trust plays an important role in driving a successful digital economy. In moving forward, the key is to keep the momentum going while ensuring that data protection and privacy remains a key priority at all times," she stated.