369,500 Singapore SMEs. Visibility is the missing layer.

Singapore has about 369,500 SMEs.

That is SingStat 2025. Not a pitch-deck round number. Not “280,000” — that is local enterprises, a different series. If you mix them, your TAM is already lying.

Now put that next to UNDP: fewer than 5% of ASEAN MSMEs have any form of insurance.

The protection gap is not a vibes problem. Operators are flying blind until something breaks.

Drop the fake stats

You will still hear “70% of SEA SMEs are underinsured.” We stopped using it. The hits do not survive a primary source check.

You will hear “cyber attacks up 84%.” Same problem. CSA’s published landscape is the one we cite: phishing reports +49%, ransomware +21%, professional-services SMEs heavily targeted.

If the number cannot sit next to a URL, it does not go on the site.

What those facts actually ask for

They do not ask for a prettier brochure. They ask for a picture the operator can read before the claim.

• A score they can compare month to month
• Holes priced in SGD, not adjectives
• Cyber, supply chain, and assets on one screen
• A next step that is a conversation — not a checkout disguised as advice

That is OPAL. Twelve answers. One score. Three gaps.

SEA is not one market

A F&B shop in Geylang, a 3PL in Johor, and a studio in Bangkok do not share the same binder. They do share the same failure mode: cover lagging growth, and nobody noticing until cash leaves the account.

MAS is already publishing AI risk tooling — MindForge, then SAFR for agentic finance. The bar for anything that sits near Singapore SMEs is “show your work.”

So we publish the weights. We cap exposures by revenue band. We do not invent Fortune-500 loss figures to look impressive.

If you advise SMEs — accountant, agency, broker, MSP — this is the layer that should exist before the renewal meeting.

What number would change what you buy this quarter?