Over half of SMEs use fintech accounts for business needs: Mastercard

About 48% with multiple accounts use them to manage cash flow.

More than half, or 55%, of Singapore's small and medium-sized enterprises (SMEs) use fintech accounts to meet specific business needs, according to Mastercard.

Amongst those using multiple business accounts, 48% said they do so to manage cash flow, whilst 42% use them to separate domestic and international transactions.

The payments technology firm said another 41% cited faster payments as a reason for maintaining multiple accounts.

The findings come as SMEs across Asia-Pacific (APAC) use an average of five business tools and four payment methods for business expenses.

Mastercard found that 94% of the respondents are interested in adopting at least one additional business tool they do not currently use, whilst 74% said integrated tools are critical to day-to-day decision-making.

Electronic bank transfers are the most commonly used payment method amongst APAC SMEs at 59%, followed by instant payments at 55%, debit cards at 52%, and credit cards at 47%.

Cybersecurity also remains a concern, with seven in 10 considering protection from cyber threats a high priority. However, only 39% currently use cybersecurity tools.

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