Singapore SME Banking: Democratizing API Access
- Fintech Nation
- Jul 7
- 2 min read
Singapore has time and again proven that it is at the front and centre of innovation and fintech excellence. 2025 marks a special milestone for Singapore as a whole - it's our 60th year of independence. Over the past two decades, our financial ecosystem has made strides in paving the way forward enabled by a strong foundation of regulatory support, ecosystem dialogue and community engagement.
The SME banking space in Singapore has seen significant developments in the past decade owing to emergence of digital banks and the rise of niche fintechs catering to this segment. However, as with any evolving ecosystem, there are still obstacles to be overcome.
Fintech Nation collaborated recently with leading SME fintech players in the ecosystem to deep dive into this and understand the lay of the land. It has been observed that 85% of the fintechs report they have limited or delayed access to essential banking APIs by banks. This of course is not ideal for a level playing field for these players who endeavour to innovate, make strides and do the best for their customers and business.
API standardization will act as a catalyst for driving transparency, innovation and creating a future where technology truly empowers businesses and individuals alike.It is important for the ecosystem to come together, have a dialogue and work towards a more cohesive and collaborative ecosystem, for the betterment and uplift of the SME banking ecosystem.
Reports calls the ecosystem and regulators to engage together to develop the fintech ecosystem comprising banks, fintech and technology service providers.
Develop collaborative API sandboxes that allow fintechs to test integrations with bank systems in a risk-controlled environment.
Create a centralised API directory that maps out access protocols across major banks and helps standardise entry points.
Strengthen regulatory g
uidelines to reduce subjectivity in decision-making and promote a more inclusive digital finance ecosystem for SMEs.
Download the report here -
Comments