75% of Singapore SMEs mull ditching banks for payment needs

1 in 2 of SMEs in Singapore complained of lengthy processing and settlement times.

About 3 in 4 (75%) of small and medium enterprises (SMEs) in Singapore said that they are ready to switch away from traditional banks for their payment needs, reveals a study by payments and financial platform Airwallex and consultancy firm Edgar, Dunn, & Company.

Almost the same share (72%) of Singaporean SMEs would be prepared to pay more to work with a software provider that has all-encompassing financial capabilities, the study claims.

Meanwhile, 1 in 2 (52%) of SMEs in Singapore agreed complained of the lengthy processing and settlement times when receiving payments abroad.

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Globally, over 8 in 10 small businesses are looking to switch away from traditional banks for the payment needs, reveals a study by payments and financial platform Airwallex and consultancy firm Edgar, Dunn, & Company.

Only 1 in 3 (33%) of  SMEs have confidence in traditional banks, most are skeptical about the prospect of a traditional bank meeting their financial services needs. Conversely, almost double (62%) think SaaS platforms or marketplaces that offer embedded financial services can effectively serve their needs. 

The study surveyed 1,000 SMEs across Singapore, the US, the UK, China, and Australia.