The market at a glance
Size & make up of the market
In Singapore, unlike most OECD countries, 'SMB' is defined as a company with under 200 employees and less than $100 million in revenue. At c. 44%, the economic impact of SMBs in Singapore is lower than the OECD average, but contribution is higher at 71%.
There is a high proportion of digital native SMBs in Singapore - almost 9 out of 10 use financial software for bookkeeping.
In 2020, Singapore SMBs exported services worth over S$609 billion internationally. The top 6 trading partners are the United States (~17%), EU 27 (~11%), Japan (~7%), China (~7%), Australia (~5%), and Hong Kong (~4%).
Most popular financial software
In recent years, Xero has invested heavily in growing its presence in South East Asia and leads the market in Singapore. The eCommerce market is relatively evenly split between Wix, WooCommerce, and Shopify.
The fintech ecosystem
Singapore has a blossoming fintech ecosystem. It is ranked #1 in South East Asia, according to Findexable, and is home to c. 40% of South East Asia's fintech companies.