Singapore Businesses Demand Innovative Fintech Solutions for Financial Challenges

10 Oct, 2023

Singapore Businesses Demand Innovative Fintech Solutions for Financial Challenges

A recent study conducted by global fintech leader Rapyd has unveiled a significant demand among businesses in Singapore for innovative fintech solutions to address their pressing concerns.

Despite the rapid adoption of digital payment methods by both businesses and consumers in recent years, a prevailing sentiment within the local business community suggests that there is room for improvement in fintech offerings tailored to their specific requirements. While notable advancements have been made in the realm of consumer payments, these innovations have yet to be seamlessly integrated into the domain of B2B (business-to-business) transactions.

Many businesses in Singapore engaged in B2B payments continue to rely on costly wire transfers and sluggish bank transfer processes when conducting international transactions, which consequently hampers the overall efficiency of cross-border financial dealings.