A Report by CYS Global Remit FinTech Development Unit
The article is published by Fintech News Singapore, a source of timely, deep insights and the latest local and global news about Fintech.
In an increasingly globalized marketplace, small and medium-sized enterprises (SMEs) in Singapore are recognizing the imperative need to expand beyond domestic confines, aspiring to capture international markets and forge global supply chains. This aspiration, however, relies heavily on the ability to seamlessly execute cross-border transactions — a theme thoroughly explored in Mastercard’s Borderless Payments Report 2023.
This comprehensive report consolidates insights from over 11,000 respondents across diverse global markets, including Singapore, highlighting the pivotal role that robust cross-border payment solutions play in the internationalization strategies of SMEs.
Singapore SMEs Cross-Border Business Landscape
Focusing on Singapore, the report unveils a forward-looking mindset among local businesses towards international expansion, with 79% of enterprises envisioning to augment their global presence. This proactive stance is accompanied by a notable surge in the utilization of international suppliers, emphasizing the indispensable role of cross-border payments in facilitating international trade.
However, the path is filled with challenges, with 36% of Singapore SMEs reporting issues with cross-border transactions, leading to late or failed payments. These issues have tangible consequences, including delayed payments to suppliers, restricted access to essential supplies, and reputational damage, highlighting the imperative need for reliable and efficient payment solutions.
As Singapore SMEs set their sights on global markets, the challenges of cross-border transactions remain a significant hurdle. The report’s findings underscore the need for a holistic approach to addressing these challenges, focusing on enhancing the efficiency, security, and transparency of payment processes. At CYS Global Remit, our focus is on serving the SME communities. This article reinforces our dedication to providing a secure, seamless, and transparent cross-border payment experience for all our customers.
Source: Fintechsg