Singapore FinTech Association (SFA) launched “SMEs GO FinTech Report” collaboratively with EY at the 80RR Fintech Hub SG. The event was graced by Poh-Koon Koh (Dr), Senior Minister of State at Ministry of Trade and Industry and Deputy Secretary-General at National Trades Union Congress (NTUC) and co-organised by NTUC U SME Community and Networked Trade Platform.
The report stated that top reasons for MSMEs to engage with FinTech solutions instead of banks include: ease of applying solutions, and cost- and time-efficiency.
Despite standing to gain the most benefits, FinTech adoption rate of micro enterprises is significantly lower than SMEs.
Clink the link below to find out more on the various FinTech solutions available and the benefits that they can bring to MSME enterprises.