Local SMBs in Singapore show demand for embedded finance solutions
SMBs need more tech-driven financial solutions
In a recent survey by Airwallex, it was revealed that a staggering 75% of small and medium-sized businesses (SMBs) in Singapore are actively seeking a banking solution provider that offers a direct substitute from their software provider.
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The report further highlights that 72% of these SMBs are willing to invest more in collaborating with software providers that offer comprehensive financial capabilities.
This willingness to pay higher costs signifies the importance placed on having an all-encompassing financial solution seamlessly integrated into their operations.
A noteworthy 62% of the surveyed businesses expressed their belief that software-as-a-service (SaaS) platforms providing embedded financial services are well-equipped to meet their financial needs effectively.
This preference for SaaS solutions indicates a shifting landscape where businesses increasingly look for streamlined and technology-driven financial services.
The survey results shed light on the prevailing scepticism among SMBs regarding the traditional banking sector’s ability to cater to their specific financial requirements.
Around 33% of respondents showed confidence in traditional banks, underlining the need for alternative, tech-driven financial solutions to better serve the local SMB community.
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