Mastercard’s latest Dreamonomics Report highlights that small and medium-sized enterprises (SMEs) in Singapore are increasingly using multiple business accounts to manage cash flow, with 48% doing so for this purpose. The report, which surveyed SMEs across Asia Pacific, reveals that 55% of SMEs in Singapore utilise fintech accounts to address specific business needs, underscoring the demand for more integrated financial tools.
The report indicates that as Singapore SMEs adopt more financial tools and payment methods, they face challenges in maintaining visibility and integration across these systems. This complexity is echoed regionally, where Asia Pacific SMEs use an average of five business tools and four payment methods. Despite 74% expressing optimism about the future, 69% prioritise predictability and stability, with integrated tools deemed crucial for daily decision-making.
Anouska Ladds, Executive Vice President of Commercial & New Payment Flows at Mastercard, emphasised the need for payment experiences that align with business operations. “Every business decision today has a financial dimension. SMEs need payment experiences that fit how they actually operate, giving them the flexibility to stay in control of their working capital,” she stated.
The report also highlights the growing importance of security, with 70% of Asia Pacific SMEs prioritising protection against cyber threats. However, only 39% currently utilise cybersecurity tools. As digital operations expand, SMEs are increasingly looking for security features embedded within their existing financial tools.
Mastercard’s findings suggest that the next phase of SME digitisation will focus on integrating existing tools to enhance business operations, rather than merely adopting new technologies.
