A global guide to the SMB market for fintechs and financial service providers


Read on to learn about:

• The size and composition of the small business market in Singapore
• The fintech ecosystem and regulatory environment
• The top financial platforms in the region

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.

International trade

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.

Top financial software platforms


2257k SMBs in Singapore have specialist bookkeeping or ERP software


of SMBs in Singapore use spreadsheets in place of accounting software


fully outsource bookkeeping to accountants