9 of 10 Singapore SMEs confident about tech adoption

This puts them ahead of other participants such as Australia and New Zealand.

According to a study conducted by Xero, 9 in 10 Singapore-based SMEs are confident about embracing new technology.

This puts Singapore SMEs as more amenable to new tech compared to those from the US and UK.

Findings also point to 8 out of 10 businesses willing to invest time to understand new tech solutions that could positively impact their business.

Likewise, 8 out 10 feel that the time saved in adopting new tech can be used to plan for the future of the business. 7 out of 10, meanwhile, believe that new technology adoption is the key to the growth of their business. 

Singaporeans SMEs also stand out from their global peers, with 6 in 10 stating that they started their business to support their families.

“The findings from the One step study demonstrate Singapore’s leadership position in technology adoption -- with SMEs identifying themselves as adopters at nearly twice the percentage we saw in those surveyed in Australia and New Zealand. Business owners in Singapore see technology as a necessary facilitator, and are willing to act on those convictions despite any potential discomfort,” said Joseph Lyons, Managing Director, Xero Australia & Asia.

More than 4,200 small businesses across Australia, New Zealand, the UK, the United States, Canada, and Singapore, took part in the survey.