Singapore – One in two businesses in Singapore have said that they need better fintech solutions to address their own business challenges, a new report from Rapyd has noted, centred around B2B cross-border payments.
Approximately 60% of respondents from Singapore expressed confidence in prevailing market conditions, indicating a measured level of trust in their business environment.
The data also highlighted that 43% of B2B companies in Singapore incur cross-border fees ranging from US$10 to US$25 per transaction. This rate is above the average observed across the surveyed markets, where approximately 36% of businesses face cross-border transaction fees within the same US$10 to US$25 range.
Conversely, local enterprises have identified increasing interest rates (53%) and a reduction in incoming work (43%) as their primary concerns. This indicates that Singapore businesses are closely tracking financial developments and their potential impact on the demand for their products and services.
Meanwhile, around 48% of respondents from Singapore identified ‘better fintech solutions’ as the paramount factor in addressing their most pressing business concerns. This percentage surpasses any other category in Singapore and demonstrates that B2B businesses in the country prioritise fintech as a way to solve business problems more than their counterparts in any other country surveyed.
Despite Singapore being one of the world’s most advanced payment markets, many B2B businesses have yet to adopt digital payments. This presents a valuable opportunity for these enterprises to collaborate with innovative fintech firms and embrace modern payment solutions to harness the full benefits of Real-Time Payment networks and streamline payment processes to enhance their operational efficiency.
Arik Shtilman, CEO, and co-founder of Rapyd, said, “Our latest B2B cross-border payment report highlights Singapore’s strong confidence in its business environment, while also showing a widespread desire for efficient and cost-effective fintech solutions. We understand how important it is to be efficient and adaptable in today’s ever-changing business world.”
He added, “With our recent addition of card acquiring services to our Fintech as a Service platform in Singapore, we’re doubling down on our promise to provide the innovative fintech solutions Singapore businesses are looking for that will empower them on their payment journey and help them handle payment complexities with confidence and ease.”
