Aspire has published survey findings showing that 80% of Singapore small and medium-sized businesses use a fintech provider in some capacity, but only 30% have fully switched from traditional banks.

The data, based on a YouGov survey of 128 business decision-makers in Singapore, found that half of respondents use fintech services alongside a traditional bank, while a further 17% have not switched but are interested in doing so.

The figures point to broad adoption of fintech tools among smaller businesses, while also suggesting that traditional banks remain embedded in day-to-day financial operations. Among businesses that have not fully switched, 36% said they were very confident that a fintech provider could fully replace a traditional bank for their business banking needs, while 49% were somewhat confident. Another 14% were neutral, and only a small minority expressed low confidence.

Andrea Baronchelli, Co-Founder and Chief Executive Officer of Aspire, said the results reflected a major market shift.

"When we started Aspire, fintechs were barely in the consideration set for businesses," said Andrea Baronchelli, Co-Founder and Chief Executive Officer of Aspire. "So to see 80% of businesses now using fintech in some capacity shows how far the industry has come. But we're still in the early stages of that shift. As business banking and financial software converge, there is a much bigger opportunity to bring more of their financial operations into one place."

Use of fintech services remains concentrated in core finance functions. The survey found that 61% of respondents use fintechs for business accounts and payments, 53% for credit and financing, 52% for accounting integrations, and 51% for payroll through their main platform.

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