8 in 10 SG SMEs now use fintechs for financial needs

Half of SMEs use fintechs for loans, payments, and payroll, according to a YouGov poll.

Majority of small and medium enterprises (SMEs) in Singapore now use fintechs in some capacity such as for payments or for credit financing, according to a survey by Aspire conducted by YouGov.

Of 128 respondents, 80% say they now use fintech in some capacity, with 61% using fintechs for business accounts and payments. The respondents represent SMEs with fewer than 250 employees.

Over half also use fintechs for credit and financing (53%), accounting integrations (52%), and payroll (51%), the poll found.

Businesses considering adopting or switching to a fintech for their financial needs cite better customer support (33%) and easier onboarding (33%) as reasons for making the move.

AI integration and features (32%), faster transactions (32%), lower fees (30%), and foreign exchange rates (28%) are also cited as reasons why they’d switch financial providers.

Their top concern is risk of disruption to operations during a transition (30%) and concerns about data security during the switch (30%), the poll found.