Airwallex Hong Kong has announced the launch of its inaugural import and export trade report. Over half of the surveyed import and export traders operating out of Hong Kong are grappling with rising business costs, as the majority eye FinTech solutions and market expansion into Northeast Asia and Southeast Asia to stay competitive.
Global supply chain disruptions and inflationary pressures have posed significant challenges for trading businesses as they strive to remain competitive. Fifty-five percent of the respondents identified rising operational costs, particularly in supply chain and logistics, as a top concern. Additionally, 51% reported increasing difficulties in managing local and international cash flow, especially when cross-border transactions are complicated by varying regulatory requirements and currency risks.
Businesses recognise the potential of emerging technologies and solutions and plan to invest in the automation and digitisation of finances, global e-commerce platforms and marketing and CRM technology over the next three years. Notably, 40% of respondents identified their companies as pioneering innovators eager to experiment with new technologies to enhance their operations.
Among the three in four respondents already using FinTech for payments, 92% expressed satisfaction with the pay-in, pay-out and FX services provided by FinTechs, demonstrating the effectiveness and reliability of these solutions in enhancing financial operations. As cross-border trade accelerates, the advantages of digital payment and FinTech solutions are becoming increasingly evident for SMEs’ bottom lines. An overwhelming majority (90%) are open to incorporating more fintech solutions for FX and international transfer services.
Arnold Chan, Asia General Manager, Airwallex, commented: “Our report shows that SMEs are embracing FinTech not just to stay competitive, but to drive growth across borders.”
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