{"id":22614,"date":"2023-10-10T02:10:00","date_gmt":"2023-10-10T02:10:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4231349_AE31349_0"},"modified":"2023-10-10T02:10:00","modified_gmt":"2023-10-10T02:10:00","slug":"rapyd-study-nearly-50-of-singapore-businesses-express-need-for-innovative-fintech-solutions-to-address-financial-challenges","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=22614","title":{"rendered":"Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges"},"content":{"rendered":"<ul type=\"disc\">\n<li><i>Major payment delays and high costs of cross-border transactions were listed as the main drivers for local companies to seek improved&nbsp;fintech solutions<\/i><\/li>\n<li><i>Among those surveyed, 38% have listed payment digitization as a top priority, with another <span id=\"spanHghlte070\">29<\/span>% listing it as one of the top priorities<\/i><\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Oct. 10, 2023<\/span><\/span> \/PRNewswire\/ &#8212; A recent study on B2B cross-border payments by global fintech leader <u><a href=\"https:\/\/www.rapyd.net\/\" target=\"_blank\" rel=\"nofollow noopener\">Rapyd<\/a><\/u> has revealed that nearly 1 in 2 businesses in <span class=\"xn-location\">Singapore<\/span> expressed a strong need for innovative fintech solutions to tackle business concerns.<\/p>\n<p>Despite the accelerated adoption of digital payments across businesses and consumers in recent years, there is a consensus among local businesses that fintech solutions can be further improved to better serve their specific needs. While innovations have been made within consumer payments, they have not been carried over to B2B transactions. Many <span class=\"xn-location\">Singapore<\/span> businesses <span id=\"spanHghlt6249\">making B2B payments<\/span> still rely on expensive wire transfers and slow bank transfers to make and receive payments overseas, hindering the efficiency of cross-border transactions.<\/p>\n<p>In the latest report by Rapyd, titled &#8220;<u><a href=\"https:\/\/go.rapyd.net\/hubfs\/2023%20Gated%20Content\/Rapyd%20%7C%20Singapore%20Cross-Border%20Payments%20eBook.pdf\" target=\"_blank\" rel=\"nofollow noopener\">2023 State of B2B Cross-Border Payments in <span class=\"xn-location\">Singapore<\/span><\/a><\/u>&#8220;, Rapyd dove into the payment preferences and obstacles of 100 B2B businesses in <span class=\"xn-location\">Singapore<\/span>. <span id=\"spanHghltcc2b\">The <span class=\"xn-location\">Singapore<\/span> report<\/span> is part of a <u><a href=\"https:\/\/go.rapyd.net\/hubfs\/2023%20Gated%20Reports\/B2BPaymentsReport_Rapyd_ebook.pdf\" target=\"_blank\" rel=\"nofollow noopener\">larger global research study by Rapyd<\/a><\/u>, which gathered insights from 715 business proprietors and payment decision-makers across key markets, including <span class=\"xn-location\">Brazil<\/span>, <span class=\"xn-location\">Canada<\/span>, <span class=\"xn-location\">Germany<\/span>, <span class=\"xn-location\">Mexico<\/span>, <span class=\"xn-location\">Singapore<\/span>, the UK, and the US. The overarching objective of this research study was to assess the prevailing sentiments regarding market conditions, the cross-border payment complexities confronting B2B enterprises, and the potential role of fintech solutions in addressing these challenges.<\/p>\n<p><b><span class=\"xn-location\">Singapore<\/span> businesses maintain confidence on global outlook<\/b><\/p>\n<p>Singapor<span id=\"spanHghlt9263\">e<\/span> businesses have emerged as cautious optimists when it comes to their perceptions of market conditions. Approximately 60% of respondents from <span class=\"xn-location\">Singapore<\/span> expressed confidence in prevailing market conditions, indicating a measured level of trust in their business environment.<\/p>\n<p>Moreover, while the majority of the markets surveyed have listed inflation, increasing interest rates, and market volatility as top concerns, <span class=\"xn-location\">Singapore<\/span> businesses have taken a different stance. They have rated market volatility and economic stability as the least troublesome, highlighting their confidence in <span class=\"xn-location\">Singapore&#8217;s<\/span> position as a robust global business hub. Conversely, local enterprises have identified increasing interest rates (53%) and a reduction in incoming work (43%) as their primary concerns. This indicates that Singapor<span id=\"spanHghltad23\">e<\/span> businesses are closely tracking financial developments and their potential impact on the demand for their products and services.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1283\" readability=\"7\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/2240293\/Rapyd_Business_Concerns.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2240293\/Rapyd_Business_Concerns.jpg?p=medium600\" title=\"Figure 1: Rapyd: Business Concerns\" alt=\"Figure 1: Rapyd: Business Concerns\"><\/a><br \/><span>Figure 1: Rapyd: Business Concerns<\/span><\/p>\n<\/p><\/div>\n<p><b>Payments take a toll: <span class=\"xn-location\">Singapore<\/span> businesses reported biggest delays and costlier transactions<\/b><\/p>\n<p>One of the ways for companies to <span id=\"spanHghlt5a51\">increase<\/span> their profits and tackle financial anxieties is <span id=\"spanHghlt2391\">by improving business efficiency and<\/span>&nbsp;cutting down on operational expenses. Notably, payment delays have surfaced as a substantial operational hurdle experienced by businesses throughout the markets surveyed. Among the seven markets, <span class=\"xn-location\">Germany<\/span> and <span class=\"xn-location\">Singapore<\/span> reported the greatest payment delay. <span class=\"xn-location\">Singapore<\/span> businesses reported a 2 to 10 days delay, and in many cases, even more than 10 days delay in sending or receiving payments (refer to Figure 2 below).<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2594\" readability=\"7\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/2240294\/Rapyd_Figure_2__Delay_in_cross_border_payments.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2240294\/Rapyd_Figure_2__Delay_in_cross_border_payments.jpg?p=medium600\" title=\"Figure 2: Rapyd - Delay in Cross-border payments\" alt=\"Figure 2: Rapyd - Delay in Cross-border payments\"><\/a><br \/><span>Figure 2: Rapyd &#8211; Delay in Cross-border payments<\/span><\/p>\n<\/p><\/div>\n<p>The delays could be attributed to the fact that a significant portion of <span class=\"xn-location\">Singapore<\/span> enterprises still lean on traditional wire and bank transfers for making and receiving payments. Many businesses have deep-rooted relationships with traditional banking methods and, as a result, gravitate toward these long-standing practices. The resulting delays add complexities to cross-border business operations, impacting cash flow, supplier relationships, and overall business efficiency. Such delays underscore the critical need for efficient and reliable payment solutions to facilitate seamless cross-border transactions.<\/p>\n<p>Further, the Rapyd research also highlighted that 43% of B2B companies in <span class=\"xn-location\">Singapore<\/span> incur cross-border fees ranging from <span class=\"xn-money\">US$10<\/span> to <span class=\"xn-money\">US$25<\/span> 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 <span class=\"xn-money\">US$10<\/span> to <span class=\"xn-money\">US$25<\/span> range.<\/p>\n<p>These elevated costs can hinder growth, limit expansion opportunities, and strain resources, posing a direct challenge to firms striving to capitalize on cross-border commerce and highlighting larger inefficiencies in the system.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder7365\" readability=\"7\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/2240295\/Rapyd_Figure_3___Cost_border_transaction_fees.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2240295\/Rapyd_Figure_3___Cost_border_transaction_fees.jpg?p=medium600\" title=\"Figure 3: Rapyd - Cross-border transaction fees\" alt=\"Figure 3: Rapyd - Cross-border transaction fees\"><\/a><br \/><span>Figure 3: Rapyd &#8211; Cross-border transaction fees<\/span><\/p>\n<\/p><\/div>\n<p><b>48% of <span class=\"xn-location\">Singapore<\/span> businesses hope innovative payment technology can solve their challenges&nbsp;<\/b><\/p>\n<p>A growing number of businesses in <span class=\"xn-location\">Singapore<\/span> today realize the imperative for change. Digitization is no longer a luxury but an absolute necessity. Nearly half \u2013 48% \u2013 of respondents from <span class=\"xn-location\">Singapore<\/span> identified &#8216;Better Fintech Solutions&#8217; as the paramount factor in addressing their most pressing business concerns. This percentage surpasses any other category in <span class=\"xn-location\">Singapore<\/span> and demonstrates that B2B businesses <span id=\"spanHghlt7c5e\">in the country<\/span> prioritize fintech as a way to solve business problems more than their counterparts in any other country surveyed.<\/p>\n<p>Despite <span class=\"xn-location\">Singapore<\/span> being one of the world&#8217;s most advanced payment markets, <span id=\"spanHghlted71\">many B2B businesses have yet to adopt digital payments<\/span>. This presents a valuable opportunity for these enterprises to collaborate with innovative&nbsp;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.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder8873\" readability=\"7\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/2240296\/Rapyd_Figure_4___Easing_payment_concerns.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2240296\/Rapyd_Figure_4___Easing_payment_concerns.jpg?p=medium600\" title=\"Figure 4: Rapyd - Easing payment concerns\" alt=\"Figure 4: Rapyd - Easing payment concerns\"><\/a><br \/><span>Figure 4: Rapyd &#8211; Easing payment concerns<\/span><\/p>\n<\/p><\/div>\n<p>Moreover, Singaporean businesses themselves are displaying a strong commitment to <span id=\"spanHghltd703\">digitization<\/span>, particularly for expediting payment processes. Approximately 38% of these businesses consider it a top priority, with an additional 29% identifying it as one of their primary objectives. This approach aligns with local government initiatives, which have introduced numerous schemes to encourage businesses to digitize and integrate financial technology into their operations.<\/p>\n<p><b><span class=\"xn-person\">Arik Shtilman<\/span>, CEO, and co-founder of Rapyd<\/b>, shared the company&#8217;s commitment to addressing evolving business needs through innovative fintech solutions. He mentioned, &#8220;<span id=\"spanHghlt93b3\">Our latest B2B cross-border payment report highlights <span class=\"xn-location\">Singapore&#8217;s<\/span> strong confidence in its business environment, while also showing a widespread desire for efficient and cost-effective fintech solutions. <\/span>We understand how important it is to be efficient and adaptable in today&#8217;s ever-changing business world. With our recent addition of card acquiring services to our&nbsp;Fintech as a Service platform in <span class=\"xn-location\">Singapore<\/span>, we&#8217;re doubling down on our promise to provide the innovative fintech solutions <span class=\"xn-location\">Singapore<\/span> businesses are looking for that will empower them on their payment journey and help them handle payment complexities with confidence and ease.&#8221;<\/p>\n<p>In <span class=\"xn-chron\">September 2023<\/span>, Rapyd expanded its offerings in <span class=\"xn-location\">Singapore<\/span> by introducing a <u><a href=\"https:\/\/www.rapyd.net\/company\/news\/media-coverage\/rapyd-expands-card-acquiring-solution-to-singapore\/\" target=\"_blank\" rel=\"nofollow noopener\">card acquiring<\/a><\/u> solution, enhancing its comprehensive Fintech as a Service platform. This addition equips businesses with a unified and efficient platform for accepting a wide array of payment methods, including credit and debit cards, popular e-wallets such as ApplePay, GooglePay, and GrabPay, bank transfers through PayNow, and the ability to conduct international money transfers to over 190 countries via the extensive Rapyd Global Payment Network. Rapyd&#8217;s swift onboarding process and strong payment capabilities enable businesses to quickly access the market, enhance cost-effectiveness, and efficiently navigate complex business models.<\/p>\n<p><b><u>About the Study (THE STATE OF B2B CROSS-BORDER PAYMENTS)<\/u><\/b><\/p>\n<p>In 2023, Rapyd conducted a research study to understand the payment preferences and challenges faced by business-to-business cross-border companies in seven markets. The study includes responses from 715 business owners worldwide. The <span class=\"xn-location\">Singapore<\/span> report focuses on insights from 100 B2B cross-border businesses located in <span class=\"xn-location\">Singapore<\/span>. The survey, which was administered online, was targeted at individuals responsible for payment-related decisions within medium (50 to 499 employees) and large-scale enterprises (500 employees and over) spanning diverse verticals and industries.<\/p>\n<p>For the <span class=\"xn-location\">Singapore<\/span> report, please visit <u><a href=\"https:\/\/go.rapyd.net\/hubfs\/2023%20Gated%20Content\/Rapyd%20%7C%20Singapore%20Cross-Border%20Payments%20eBook.pdf\" target=\"_blank\" rel=\"nofollow noopener\">here<\/a><\/u>.<\/p>\n<p>For the full global report, please visit <u><a href=\"https:\/\/go.rapyd.net\/hubfs\/2023%20Gated%20Reports\/B2BPaymentsReport_Rapyd_ebook.pdf\" target=\"_blank\" rel=\"nofollow noopener\">here<\/a><\/u>.<\/p>\n<p><b><u>About Rapyd<\/u><\/b><\/p>\n<p>Rapyd lets you build bold. Liberate global commerce with all the tools your business needs to create payment, payout and fintech experiences everywhere. From Fortune 500s to ambitious business and technology upstarts, our payments network and powerful fintech platform make it easy to pay suppliers and get paid by customers &#8211; locally or internationally. With offices worldwide, including <span class=\"xn-location\">Tel Aviv<\/span>, <span class=\"xn-location\">Dubai<\/span>, <span class=\"xn-location\">London<\/span>, <span class=\"xn-location\">Iceland<\/span>, <span class=\"xn-location\">San Francisco<\/span>, <span class=\"xn-location\">Miami<\/span>, <span class=\"xn-location\">Hong Kong<\/span> and <span class=\"xn-location\">Singapore<\/span>, we know what it takes to make cross-border commerce as easy as being next door. Rapyd simplifies payments so you can focus on building your business. Get the tools to grow globally at <a href=\"https:\/\/www.rapyd.net\/?utm_campaign=2020%252520Public%252520Relations&amp;utm_source=rapyd-home-page\" target=\"_blank\" rel=\"nofollow noopener\">www.rapyd.net<\/a>. Follow: <a href=\"https:\/\/www.rapyd.net\/resources\/?utm_campaign=2020%252520Public%252520Relations&amp;utm_source=resources-blog\" target=\"_blank\" rel=\"nofollow noopener\">Blog<\/a>, <a href=\"https:\/\/www.instagram.com\/wearerapyd\/?hl=en\" target=\"_blank\" rel=\"nofollow noopener\">Insta<\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/rapyd1\/?utm_campaign=2020%252520Public%252520Relations&amp;utm_source=linkedin\" target=\"_blank\" rel=\"nofollow noopener\">LinkedIn<\/a>, <a href=\"https:\/\/twitter.com\/RapydPayments?utm_campaign=2020%252520Public%252520Relations&amp;utm_source=twitter\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major payment delays and high costs of cross-border transactions were listed as the main drivers for local companies to seek improved&nbsp;fintech solutions Among those surveyed, 38% have listed payment digitization as a top priority, with another 29% listing it as one of the top priorities SINGAPORE, Oct. 10, 2023 \/PRNewswire\/ &#8212; A recent study on [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22614","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=22614\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges - My Blog\" \/>\n<meta property=\"og:description\" content=\"Major payment delays and high costs of cross-border transactions were listed as the main drivers for local companies to seek improved&nbsp;fintech solutions Among those surveyed, 38% have listed payment digitization as a top priority, with another 29% listing it as one of the top priorities SINGAPORE, Oct. 10, 2023 \/PRNewswire\/ &#8212; A recent study on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/transmediavictoria.net.au\/?p=22614\" \/>\n<meta property=\"og:site_name\" content=\"My Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-10T02:10:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnasia.com\/media2\/2240293\/Rapyd_Business_Concerns.jpg?p=medium600\" \/>\n<meta name=\"author\" content=\"admin_tony\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin_tony\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22614#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22614\"},\"author\":{\"name\":\"admin_tony\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/#\\\/schema\\\/person\\\/5b51d407d652c0aa802bea269ea5d7e7\"},\"headline\":\"Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges\",\"datePublished\":\"2023-10-10T02:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22614\"},\"wordCount\":1326,\"image\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22614#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnasia.com\\\/media2\\\/2240293\\\/Rapyd_Business_Concerns.jpg?p=medium600\",\"articleSection\":[\"Business News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22614\",\"url\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22614\",\"name\":\"Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges - 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