Singapore’s small and medium-sized enterprises (SMEs) are encountering significant challenges in their digital transformation journey, according to Adyen’s latest SME Platform Payments Survey. Despite efforts to digitise in line with the nation’s Smart Nation vision, many SMEs are experiencing “digital friction” due to fragmented systems, particularly in payment reconciliation.
The survey highlights that 75% of SMEs in Singapore are affected by these inefficiencies, which cost medium-sized businesses up to seven hours a week in manual work. This digital friction not only slows operations but also delays cash flow and complicates growth planning. The demand for integrated solutions with real-time reporting and payment unification is growing as businesses seek to overcome these hurdles.
Adyen’s survey also reveals that whilst 64% of SMEs rely on Software as a Service (SaaS) platforms, nearly half use more than one platform for reconciliation, adding complexity rather than reducing it. This fragmented approach is particularly challenging for medium-sized businesses, with 87.5% reporting reconciliation as a major pain point.
The survey underscores the importance of integrated platforms that consolidate operations and offer real-time insights. Adyen’s partnership with Atlas has enabled the integration of its payment technology into AtlasPay, a solution that has helped SMEs like PPP Coffee reduce operational errors and improve efficiency.
As SMEs look to scale, the right SaaS partner can be crucial. With 72% of local SMEs planning to invest in more SaaS solutions in the next year, the focus is on unifying operations and enabling real-time insights to unlock new growth opportunities.
“`
