Fintech has entered the mainstream, but only 30% of Singapore businesses have made the full switch: Aspire Survey

New YouGov research finds 80% of businesses now use fintech in some capacity, but half continue to use a traditional bank alongside – pointing to the next phase of opportunity for the sector.

SINGAPORE, Oct 6 — Four in five Singapore businesses have adopted a fintech provider for at least some of their financial needs, although most continue to use fintech alongside traditional banking services, according to new research commissioned by Aspire and conducted by YouGov.

The survey found that 80% have moved to a fintech provider either fully (30%) or partially while continuing to use a traditional bank alongside it (50%). A further 17% have not switched but are interested in doing so.

Among businesses not fully switched, confidence in fintech’s ability to meet broader business banking needs is high but not unanimous: 36% say they are "very confident" a fintech provider could fully replace a traditional bank for their business banking needs, and 49% say they are "somewhat confident." 14% are neutral, and a small minority report low confidence.

"When we started Aspire, fintechs were barely in the consideration set for businesses," said Andrea Baronchelli, co-founder and CEO of Aspire. "So 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 – as business banking and financial software converge, there is a much bigger opportunity to bring more of their financial operations into one place.”

Currently, fintech adoption remains concentrated in core financial operations, with 61% of respondents using fintechs for business accounts and payments, 53% for credit and financing, 52% for accounting integrations, and 51% for payroll through their main platform.

Switching is less about price, more about friction

Among businesses that have not fully switched, 27% say there is "no strong reason to switch — my current provider is good enough," pointing to the need for fintechs to offer a more compelling reason to move more of their financial operations onto their platforms.

Other barriers are practical rather than price-driven. Risk of disruption to operations during a transition and concerns about data security during a switch were each cited by 30%. Conversely, easier onboarding was the top reason (33%) businesses said they would consider switching providers, underscoring the opportunity for fintechs to make the transition simpler and more seamless.

The findings suggest the next phase of fintech adoption will depend not only on offering more capabilities, but on making it significantly easier for businesses to consolidate their financial operations onto a single platform.

Businesses want AI — but not at the expense of human support

Better customer support was cited by 33% as a reason businesses would consider switching providers, tied with easier onboarding.

That preference is also reflected in how businesses want support delivered. Nearly 80% want at least an equal level of human involvement: 10% prefer human support only, 30% mostly human support with some automation, and 39% an equal mix of both. A further 21% prefer a mostly automated model with human backup.

At the same time, 32% cite AI integration and features as a reason they would switch providers — on par with faster transactions (32%), and ahead of lower fees (30%) and better FX rates (28%).

"Businesses are asking for more automation and strong human support at the same time," said Baronchelli. "Those expectations aren't necessarily at odds. Automation can take friction out of routine financial work, while people remain important when a business needs judgment, reassurance or help solving something more complex."

Methodology

This study set out to understand how Singapore businesses are adopting fintech platforms, how these providers are being used alongside traditional banks, and what drives businesses to switch — or stay with — their current financial provider. It also explored the factors shaping those decisions, from pricing and onboarding to customer support, AI and automation.The research was conducted by YouGov on behalf of Aspire in Q3 2026 among 128 business decision-makers in Singapore. Respondents represented small and medium-sized businesses with fewer than 250 employees, and held roles with responsibility for or influence over financial and business banking decisions.

About Aspire

Aspire is on a mission to reinvent centuries-old corporate banking rules for modern businesses. We’re building a unified financial operating system that brings together regulated payments infrastructure and enterprise software, helping companies manage finance with greater control and confidence as they scale globally.

Headquartered in Singapore, Aspire serves over 50,000 businesses across 30+ markets, with a global team of more than 500 employees across nine countries. Aspire is backed by leading investors including Peak XV (formerly Sequoia India & SEA), Lightspeed, Y Combinator, and PayPal.