The World Happiness Report 2023 provided an index to indicate the level of happiness in countries around the world. Robocash Group analysts developed an index to indicate the level of national fintech development.

A comparison of the National Happiness Index and the Fintech Development Index revealed a high correlation between them, with a coefficient of 0.74 (out of a maximum of 1.0). The more developed a country is in terms of fintech, the happier its population is, and vice versa. Evidently, the availability of modern financial options, their degree of development and the current fintech market can have a tangible impact on someone's personal perspective.

Singapore is one of the frontrunners in the fintech development index according to Robocash Group, sitting at the top with 6.9 points. The nation's leadership is a combination of high financial & digital engagement and considerable contribution from the fintech sector. This ensures a balanced outlook in terms of business operations. Israel took second place with 6.6 points, followed by the United States with 6.55 points, Iceland with 6.52 points, and Hong Kong finished fifth with 6.47 points.

In terms of happiness, Finland, Denmark, Iceland, Israel, and the Netherlands became the leaders of the global ranking.

The study results reinforce the notion that fintech solutions are becoming an integral part of today's lifestyle and are increasingly important in daily activities.

Robocash Group analysts add: “Interestingly, the correlation between the level of happiness and the level of wealth of the population was not as high as initially thought. Its coefficient of 0.58 indicates the presence of a clear relationship, yet also confirms the validity of the expression that happiness is not all about money.”