A recent YouGov survey commissioned by Aspire reveals that fintech has become mainstream in Singapore, with 80% of businesses utilising fintech providers. However, only 30% have completely switched from traditional banking, whilst 50% continue to use both fintech and traditional banks. The survey, conducted in Q3 2026, involved 128 business decision-makers from small and medium-sized enterprises in Singapore.
The study highlights that whilst fintech adoption is widespread, confidence in its ability to fully replace traditional banking is mixed. About 36% of businesses are “very confident” in fintech’s capabilities, whilst 49% are “somewhat confident.” Despite this, 17% of businesses are interested in making the switch.
Andrea Baronchelli, co-founder and CEO of Aspire, noted, “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.”
Barriers to full adoption include concerns about operational disruption and data security, each cited by 30% of respondents. Additionally, 27% of businesses see no compelling reason to switch, indicating that fintechs need to offer more compelling incentives.
The survey also found that businesses value human involvement in customer support, with nearly 80% preferring at least an equal level of human interaction. However, 32% of respondents indicated that AI features could persuade them to switch providers.
As fintech adoption continues to grow, the focus will likely shift towards simplifying transitions and enhancing customer support to encourage more businesses to consolidate their financial operations onto fintech platforms.
