Demand for embedded finance soars amongst local SMBs

SMBs (75%) are already looking to switch their banking solution provider.

The majority (75%) of small and medium-sized businesses (SMBs) in Singapore want their baking solution provider for a like-for-like alternative from their software provider, data from Airwallex showed.

According to the report, 72% of SMBs are willing to pay more e to work with a software provider that has all-encompassing financial capabilities.

In addition, 62% believe that software-as-a-service (SaaS) platforms that offer embedded financial services can effectively serve their needs.

This is likely because most SMBs are sceptical that traditional banks can meet their financial services needs, with only 33% saying they have confidence in traditional banks.

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