Four in five businesses in Singapore now use a fintech provider for at least some of their financial needs, according to a YouGov survey commissioned by Aspire.

The survey found that 80% of respondents had adopted a fintech provider in some capacity. Of these, 30% had switched fully, while 50% continued to use a traditional bank alongside a fintech provider.

Among businesses that had not fully switched, 36% were very confident that a fintech provider could fully replace a traditional bank for their business banking needs.

Another 49% were somewhat confident, while 14% were neutral. A small minority reported low confidence.

“When we started Aspire, fintechs were barely in the consideration set for businesses,”

“So to see 80% of businesses now using fintech in some capacity shows how far the industry has come.”

He added that the shift remains at an early stage, with further opportunities emerging as business banking and financial software increasingly converge.

Fintech adoption is currently concentrated in core financial operations. The survey found that 61% of respondents use fintechs for business accounts and payments, while 53% use them for credit and financing.

Another 52% use fintech platforms for accounting integrations and 51% for payroll.

Among businesses that had not fully switched, 30% cited concerns about disruption to their operations during a transition. Another 30% pointed to data security concerns.

Meanwhile, 27% said they had no strong reason to switch because their existing provider was good enough.

Easier onboarding was one of the leading factors that could encourage businesses to switch providers, cited by 33% of respondents.

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