Investments planned for the new growth engine in Asia

HONG KONG, Oct. 10, 2023 /PRNewswire/ — According to the latest report from Allianz Trade, the global economy will continue to face challenges, with lackluster growth from the cumulative impact of monetary policy tightening until the end of 2024. Overall, global GDP growth is projected to slow to +2.7% in 2023 and +2.4% in 2024; the US will see a mere +1.1% GDP growth in 2024, the slowest rate since 2009; China is expected to see a slow landing to +4.7% in 2024 and +4.2% in 2025; for Asia Pacific as a whole, Allianz Trade anticipates a growth rate of +4.1% for 2024 and +3.9% for 2025.

Meanwhile, India is on track to outpace regional peers in terms of real GDP growth over the next decade including China, emerging Asia as well as ASEAN countries. Allianz Trade expects the Indian economy to grow by an average of +6.4% between 2023 and 2027. Supported by strong economic growth and to service the needs of its customers, Allianz Trade has identified India as another growth engine in Asia. In response, Allianz Trade has recently appointed a new Country Manager to support growth in India and further investments are planned this year.

In terms of exporting, the US remains by far the largest export partner for India, with export gains for India expected to reach US$6.86 billion in 2024. The UAE and the Netherlands come next as top export partners, where export gains are estimated at US$2.68 billion and US$1.58 billion respectively. China and Singapore round out the top five with export gains reaching US$1.29 billion and US$1.01 billion respectively. Among the key sectors, India is expected to reap the highest export gains from software and IT services of approximately US$19.28 billion in 2024.

As for business insolvencies, Allianz Trade forecasted a rebound in insolvencies in India this year, largely driven by the catch-up effect due to the long suspension of courts during the Covid years. Insolvencies in India are expected to increase by +36% this year and +6% in 2024. Despite the relatively high insolvency numbers, both working capital requirement (WCR) and days sales outstanding (DSO) in India are expected to see a marginal increase of 5 days and 3 days respectively. Overall, Asia and Latin America remain the only two regions with insolvencies not yet returned to 2019 levels by 2024.

"India is poised to become the second largest economy in Asia Pacific by 2030. An important driving force is its large and fast-growing middle class, which is helping to fuel consumer spending. Furthermore, India is going to be one of the most important long-term growth markets for multinationals in a wide range of industries, including manufacturing such as automotive, electronics, pharmaceuticals, speciality chemicals and in services such as banking, financial services, insurance, health care and IT," says Imran Khan, Country Manager for India at Allianz Trade in Asia Pacific. 

"Meanwhile, the trade credit insurance market in India (excluding ECGC premiums) has grown by more than 16% on average over the past five years[1]. While businesses continue to show robust growth, risk mitigation becomes equally important. Allianz Trade continues to help clients across sectors to do business with confidence and we look forward to working closely with our partners to support the Indian business and be a part of this growth journey, to which we anticipate the trade credit insurance industry should see 20% growth as businesses resuming normal," Mr Khan concludes.

Allianz Trade contact

Jason Wong

+852 3665 8946

[email protected]

Follow us

https://www.linkedin.com/company/allianz-trade-apac/

We predict trade and credit risk today, so companies can have confidence in tomorrow
Allianz Trade is the global leader in trade credit insurance and a recognized specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network analyses daily changes in +80 million corporates solvency. We give companies the confidence to trade by securing their payments. We compensate your company in the event of a bad debt, but more importantly, we help you avoid bad debt in the first place. Whenever we provide trade credit insurance or other finance solutions, our priority is predictive protection. But, when the unexpected arrives, our AA credit rating means we have the resources, backed by Allianz to provide compensation to maintain your business. Headquartered in Paris, Allianz Trade is present in 52 countries with 5,500 employees. In 2022, our consolidated turnover was EUR3.3 billion and insured global business transactions represented EUR1,057 billion in exposure. For more information, please visit allianz-trade.com

Cautionary note regarding forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (I) changes of the general economic conditions and competitive situation, particularly in the Allianz Group’s core business and core markets, (II) performance of financial markets (particularly market volatility, liquidity and credit events), (III) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (IV) mortality and morbidity levels and trends, (V) persistency levels, (VI) particularly in the banking business, the extent of credit defaults, (VII) interest rate levels, (VIII) currency exchange rates including the euro/US-dollar exchange rate, (IX) changes in laws and regulations, including tax regulations, (X) the impact of acquisitions, including related integration issues, and reorganization measures, and (XI) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

[1] https://www.gicouncil.in/statistics/industry-statistics/segment-wise-report-on-homepage/

Source : Allianz Trade in Asia Pacific planning for growth in India

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Study uncovers the need for a solution to improve cash flow management for SMEs High interest rates and dissatisfactory experience spur SMEs to switch brands

SINGAPORE, Oct. 10, 2023 /PRNewswire/ — In Southeast Asia, about 70% of SMEs (small and medium enterprises) started their business with seed money raised from their personal savings and from family and friends’ financial support – particularly in Indonesia, Malaysia and Singapore. This finding stood out from a report published by Funding Societies, Southeast Asia’s largest unified SME digital finance platform.

The report surveyed SMEs in Indonesia, Malaysia, Singapore, Thailand and Vietnam – countries Funding Societies operates in.

Funding from traditional banks consists of 23% while the remaining 7% turned to alternative sources such as FinTech companies. SMEs in Malaysia had the weakest access to financing from traditional banks (17%) and alternative lenders (3%). Inversely, those in Vietnam had the strongest access to alternative lenders (25%).

To better understand how these businesses think, Funding Societies surveyed nearly 980 SMEs in Indonesia, Malaysia, Singapore, Thailand[1] and Vietnam – all of which are countries the company operates in. The report comprises respondents under the SME category, including micro (74%) and are business owners themselves (63%) – surveying both customers of Funding Societies’ (59%) as well as non-customers (41%).

Southeast Asia’s economy is on the road to recovery, after contracting during the pandemic; and despite recent macroeconomic headwinds, the region is still less impacted in comparison to other parts of the world. These factors have brought about innovative solutions for SMEs by both traditional and digital financial companies. Yet, the abundance of choices does not mean greater ease in accessing finance.

Kelvin Teo, Co-founder & Group Chief Executive Officer, Funding Societies | Modalku said, "The survey confirms and furthers our understanding of SMEs to serve them better, by simplifying financing and moving beyond to cash flow management, which is being accomplished with our proprietary platform solution Elevate[2]."

Payments by SMEs: reliance on banks; transactions made locally

Bank transfer remains the most popular payment method for SMEs with nearly 90% paying their suppliers and 88% receiving payments from customers through the same method. However, cash transactions still play a big role with:

51% of respondents in Indonesia paying suppliers and receiving payments from customers 63% of respondents in Malaysia receiving payments from their customers

Even though the majority of transactions with both customers and suppliers were done locally, 20% of respondents indicated that cross-border transactions were important for them. This sentiment was seen strongest in Singapore and Vietnam with more cross-border transactions than the other countries.

Business Term loans, a top choice with SMEs; while woes over paying their suppliers

Business term loans were cited by respondents as the most used products (49%). There were exceptions in Singapore and Vietnam though, where card payments are more common in both countries (51% and 49%).

Looking at how these products contributed to an SME’s finances, respondents cited business terms loans as their biggest contributor (41%) – Indonesia and Malaysia attributing 66% and 63% respectively. On the flipside, Singapore SMEs leaned towards credit card payments (33%).

Most SMEs surveyed were more concerned about payables, particularly their capacity to pay suppliers. More than a third of the respondents listed access to financing (including loans and credit cards) and fulfilling payments (to suppliers or vendors who may not offer flexible payment options) as their top payable issues. Other concerns included:

Payables monitoring and reporting Getting approval for payments Matching invoices against purchase orders and receipts

Singapore was the only exception, with respondents saying receiving payment from customers is a more critical issue.

Other behaviours of SMEs found from respondents

Across the region, respondents said that their biggest expenses were for daily operations (32%) and inventory and supplies (32%). However, Vietnam deviates slightly from this observation; where the largest expense after daily operations is employees’ salaries.

Low interest rates are a significant factor influencing SMEs to switch brands, especially in Singapore. It was found that more than half (62%) of SMEs in the region are likely to switch brands due to their dissatisfaction with the experience offered – with the most likely in Indonesia and Singapore.

SME Digital Finance and Payments Behaviours: Southeast Asia Report 2023 aimed to look into the behaviours and challenges SMEs are facing and how using digital financing and payments can capture business opportunities and efficiencies.

For full access to the report, click here to download.

About Funding Societies | Modalku

Funding Societies | Modalku is the largest unified SME digital finance platform in Southeast Asia. It is licensed in Singapore, Indonesia, Thailand, registered in Malaysia, and operates in Vietnam. The FinTech company provides US$1 billion annually of business financing to small and medium-sized enterprises (SMEs). Its recent strategic milestones include its acquisition of regional digital payments platform CardUp and co-investment into Bank Index in Indonesia.

Funding Societies | Modalku is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovative, Qualgro, and Golden Gate Ventures among others. It has received accolades from Brands for Good (2019, 2023), Global SME Excellence Award, Global SME Finance Awards by IFC (2021-2023) Global Startup Awards (2020), MAS FinTech Award (2016, 2021) and more.

[1] The sample size in Thailand is relatively small, insights derived from this segment should not be taken as representative of SMEs in the country.

[2] Elevate is a cash flow management platform that offers cash flow insights, integrated with a card, business account, payables, receivables and financing.

Source : Nearly seven in 10 SMEs in Southeast Asia rely on startup capital from savings, family and friends: SME Industry Report

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

From October 11 at 02:00 (UTC) to October 17 at 15:59 (UTC), the first 7,000 users who trade 100+ USDT worth of BIGTIME – via the ‘Trade and Earn‘ campaign – will be rewarded 5 USDT worth of BIGTIME tokens.

DUBAI, UAE, Oct. 10, 2023 /PRNewswire/ — OKX, a leading global Web3 technology company and crypto exchange, today announced that it will list Web3 RPG platform Big Time‘s token (BIGTIME) on its spot market at 02:00 (UTC) on October 11. OKX will be one of the first exchanges to list BIGTIME.

With this addition, users can trade BIGTIME against USDT via the BIGTIME/USDT spot pair. Deposits for BIGTIME were enabled today at 02:00 (UTC), while withdrawals for the token will be enabled at 10:00 (UTC) on October 12.

To mark the listing of BIGTIME on its spot market, OKX will also launch a ‘Trade and Earn’ campaign. As part of this campaign, which begins on October 11 at 02:00 (UTC) and ends on October 17 at 15:59 (UTC), the first 7,000 users who visit this campaign page, click ‘Join Now’ and trade 100+ USDT worth of BIGTIME tokens on OKX will be rewarded 5 USDT worth of BIGTIME tokens. To learn more about this campaign and its terms and conditions, click here.

Big Time is a multi-player, free-to-play RPG platform. The creators of Big Time, including the former CEO of Decentraland and several former AAA game developers, refer to the game as a "player-owned economy." In this economy, players can craft, trade or loot digital wearables and collectibles in the form of NFTs. These in-game actions are all driven by BIGTIME tokens.

For further information, please contact:
[email protected]

About OKX
OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

The OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens. OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.

Source : OKX One of the First Exchanges to List Big Time Token (BIGTIME) on Spot Market, Launches 'Trade and Earn' Campaign

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

SUZHOU, China, Oct. 10, 2023 /PRNewswire/ — GoodWe, a renowned global provider of solar products and energy solutions, has launched its new three-phase 1,500V utility string inverter, the UT (320/350kW). The inverter is designed to meet the demands of large-scale power plants, offering high power efficiency, streamlined operation and maintenance (O&M), and reliable system stability. With this addition, GoodWe strengthens its utility portfolio by providing increased capacity and significantly reducing Levelized Cost of Energy (LCOE).

GoodWe’s New String Inverter for Utility PV Projects

The series offers options of 12 MPPTs and 15 MPPTs and boasts a maximum efficiency of 99.01%. With a maximum string input current of 15/20A, it is compatible with bifacial modules, optimizing energy yields for power plants.

The UT series provides anti-Potential Induced Degradation (PID) and PID-recovery functions, effectively mitigating energy losses caused by PID effects, especially in high-temperature and high-humidity conditions. With an IP66 rating and up to C5 protection, the inverter demonstrates resilience in harsh environments. The 320kW UT can operate without derating for ambient temperature of up to 45 degrees Celsius.

The use of mid-band power line communication (HPLC) technology decreases installation costs without extra communication wiring. The UT can also be equipped to compensate reactive power during the nighttime to maintain the voltage stability of the system, eliminating the need for a costly external compensation system. Moreover, the inverter supports a low SCR of 1.0, ensuring the power plant remains stable even in weak grid conditions.

The UT inverter, when paired with other essential components for utility projects offered by GoodWe, such as the MV Stations (MVS), and advanced communication devices, can form a one-stop solution that excels in various outdoor environments. This integrated solution optimizes energy yields, simplifies O&M, thereby maximizing the return on investment for power plants.

The MVS, conveniently housed in a transportable container, incorporates essential LV and MV switchgears and a transformer to ensure seamless power transformation. In the system, after the UT inverter converts DC energy to AC, the MV Station further transforms the AC energy voltage for easy grid connection and distribution.

For system monitoring, the communication devices, such as SCU3000 series, enable data acquisition and transmission within the power plant. Furthermore, the solution facilitates comprehensive O&M through a station-level monitoring platform known as GoodWe’s SolarOS, making remote system management accessible and effective.

"With the introduction of the UT inverter, we have fortified our ability to meet the diverse requirements of EPCs, power plant developers and investors, assuring them a secure return on investment. Looking forward, GoodWe remains committed to advancing technological innovation, bringing a more bankable product portfolio and turnkey solutions for large-scale solar projects." Commented Ron Shen, Vice President of GoodWe.

About GoodWe

GoodWe is a global inverter manufacturer and energy solutions provider with a track record of over 52 GW of global installations. The company offers tailored solutions for residential, commercial and industrial, and utility customers. In 2021, GoodWe was ranked among the top three hybrid inverter suppliers worldwide by Wood Mackenzie. For more information: https://en.goodwe.com/

Source : GoodWe Expands Utility Portfolio Capacity with Launch of 320/350kW String Inverter, Lowering LCOE

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Unlocking limitless possibilities with AI-driven actionable insights

HONG KONG, Oct. 10, 2023 /PRNewswire/ — Axis Communications, a global leader in network video, today announced that Axis Solution Conference 2023 will take place from October 31 to November 7, 2023 in North Asia region covering Hong Kong, Korea and Taiwan.

Entitled "Secure. Protect. Improve: AI-driven actionable insights with limitless possibilities", Axis Solution Conference 2023 promises to redefine how businesses approach technology and security, offering delegates a unique experience to explore the limitless possibilities of AI-driven actionable insights.

With advancements in smarter camera analytics, powered by AI and deep learning, together with faster on-board processing, deployment simplicity, and enhanced device interoperability, network cameras are transforming into versatile video sensors. These cameras are no longer confined to addressing safety and security concerns, they can also streamline processes and enhance performance for different industries. From monitoring the temperature and operation of a critical system to detecting fire and gas leakage, ensuring worker safety in hazardous areas, optimising high-speed production lines, enabling flawless logistics, and automating vehicle access control, the potential applications of network cameras are virtually endless.

At Axis Solution Conference 2023, delegates will immerse themselves in these cutting-edge technologies as we continue to innovate, improve and expand our network products:

Thermal and radar technology: Providing visibility in seemingly invisible scenarios Explosion-protection cameras: Offering security in hazardous environments Wearables: Handy tools for documenting events and capturing evidence on the go Network audio: Enabling users to act on what they see while also listening to the surroundings Access Control 3.0: Meeting the demand for convenience, security and privacy The power of One: a complete security system with ONE unified platform for simple and efficient design as well as management of surveillance.

Recognising the increasing virtual threats posed by the rise of IoVT, Axis has also prioritised cybersecurity, privacy protection and sustainability.  The Conference will provide insights into how Axis addresses these challenges while ensuring robust cybersecurity measures and safeguarding privacy.

Registration for the Axis Solution Conference is now open.  Secure your spot today to be empowered, enlightened, and elevate your understanding of the future of technology and security.  Be part of the evolution!

For more information and registration for Axis Solution Conference 2023, please visit https://www.apac-comms.axis.com/asc-2023-en-hk

About Axis Communications

Axis enables a smarter and safer world by creating solutions for improving security and business performance. As a network technology company and industry leader, Axis offers solutions in video surveillance, access control, intercom, and audio systems. They are enhanced by intelligent analytics applications and supported by high-quality training.

Axis has around 4,000 dedicated employees in over 50 countries and collaborates with technology and system integration partners worldwide to deliver customer solutions. Axis was founded in 1984, and the headquarters are in Lund, Sweden. 

CONTACT: 

Ms. Shirley Sin
Marketing Manager, Hong Kong
Axis Communications Limited
Phone: +852 2598 3019
Email: [email protected]

Source : Axis to host industry flagship event Axis Solution Conference 2023 in Hong Kong, Korea and Taiwan

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

JAKARTA, Indonesia, Oct. 10, 2023 /PRNewswire/ — Minister of Law and Human Rights of the Republic of Indonesia, Yasonna H. Laoly, invited members of the Asian – African Legal Consultative Organization (AALCO) to take active measures to ensure the organization becomes an equal dialogue partner with other global organizations. Yasonna emphasized that AALCO has the power to voice the interests of Asian – African countries. AALCO has been actively discussing issues of concern to its member states through the organization’s Annual Sessions. This year, the session will be held in Bali, 15 – 20 October 2023.

Minister of Law and Human Rights of the Republic of Indonesia, Yasonna H. Laoly, meet with media about the upcoming the 61st Asian – African Legal Consultative Organization (AALCO) Annual Session. The minister hopes AALCO to take active measures to ensure the organization becomes an equal dialogue partner with other global organizations. He said AALCO has the power to voice the interests of Asian – African countries.

Kawani is the Professional Conference Organizer (PCO) appointed by the Directorate General of Legal Administrative Affairs, Ministry of Law and Human Rights of the Republic of Indonesia to handle the AALCO event in Bali.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9211451-aalco-61st-annual-session-law-human-rights/

"The forum serves as the perfect platform for Indonesia and other AALCO member states to discuss key issues on international legal policy and voice the interests of Asian – African countries. AALCO must become an equal dialogue partner with other global organizations thus have strong stature that will enable us not to submit to policies that are detrimental to the interests of Asian and African countries," said Yasonna.

One of the key agenda of discussions at the 61st AALCO Annual Session is on the law of the sea that encompasses issues on illegal fishing. Indonesia has submitted a concept note to include illegal fishing as a form of Transnational Organized Crime (TOC). Indonesia encouraged AALCO member states to adopt a unified perspective and make a collective commitment regarding illegal fishing as a TOC.

Illegal fishing practice in Asian and African countries has a significant financial impact. A report showed that in 2019 the ASEAN region suffers US$ 6 billion losses due to illegal fishing practice, with Indonesia and Vietnam being the most affected countries[1].

"Realizing the huge impact of illegal fishing, Indonesia seeks to encourage AALCO members to classify illegal fishing as a form of transnational organized crime that is punishable under international criminal law. AALCO must be able to protect the interests of its members against the pressure of other parties," said Yasonna.

This year’s Annual Session also presents a number of side events and supporting programs, in the form of a panel discussion, such as the Business and Investment Forum, Asset Recovery, International Humanitarian Law, and The Hague Conference on Private International Law. "We hope the results of these discussions could be included in the agenda of the annual sessions in the coming years. We are also expecting that the substantive matters sessions could produce concrete recommendations that would reflect AALCO’s position related to member states’ issues of concern hence driving the necessity to produce favourable international legal policies," concluded Yasonna.

[1] https://amti.csis.org/iuu-fishing-as-an-evolving-threat-to-southeast-asias-maritime-security/ 

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Source : AALCO 61st Annual Session: Indonesia Encourages Asian – African Countries Become a Global Dialogue Partner

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Major payment delays and high costs of cross-border transactions were listed as the main drivers for local companies to seek improved 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/ — A recent study on B2B cross-border payments by global fintech leader Rapyd has revealed that nearly 1 in 2 businesses in Singapore expressed a strong need for innovative fintech solutions to tackle business concerns.

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 Singapore businesses making B2B payments still rely on expensive wire transfers and slow bank transfers to make and receive payments overseas, hindering the efficiency of cross-border transactions.

In the latest report by Rapyd, titled "2023 State of B2B Cross-Border Payments in Singapore", Rapyd dove into the payment preferences and obstacles of 100 B2B businesses in Singapore. The Singapore report is part of a larger global research study by Rapyd, which gathered insights from 715 business proprietors and payment decision-makers across key markets, including Brazil, Canada, Germany, Mexico, Singapore, 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.

Singapore businesses maintain confidence on global outlook

Singapore businesses have emerged as cautious optimists when it comes to their perceptions of market conditions. Approximately 60% of respondents from Singapore expressed confidence in prevailing market conditions, indicating a measured level of trust in their business environment.

Moreover, while the majority of the markets surveyed have listed inflation, increasing interest rates, and market volatility as top concerns, Singapore businesses have taken a different stance. They have rated market volatility and economic stability as the least troublesome, highlighting their confidence in Singapore’s 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 Singapore businesses are closely tracking financial developments and their potential impact on the demand for their products and services.

Figure 1: Rapyd: Business Concerns

Payments take a toll: Singapore businesses reported biggest delays and costlier transactions

One of the ways for companies to increase their profits and tackle financial anxieties is by improving business efficiency and 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, Germany and Singapore reported the greatest payment delay. Singapore 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).

Figure 2: Rapyd – Delay in Cross-border payments

The delays could be attributed to the fact that a significant portion of Singapore 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.

Further, the Rapyd research 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.

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.

Figure 3: Rapyd – Cross-border transaction fees

48% of Singapore businesses hope innovative payment technology can solve their challenges 

A growing number of businesses in Singapore today realize the imperative for change. Digitization is no longer a luxury but an absolute necessity. Nearly half – 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 prioritize 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.

Figure 4: Rapyd – Easing payment concerns

Moreover, Singaporean businesses themselves are displaying a strong commitment to digitization, 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.

Arik Shtilman, CEO, and co-founder of Rapyd, shared the company’s commitment to addressing evolving business needs through innovative fintech solutions. He mentioned, "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. 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."

In September 2023, Rapyd expanded its offerings in Singapore by introducing a card acquiring 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’s swift onboarding process and strong payment capabilities enable businesses to quickly access the market, enhance cost-effectiveness, and efficiently navigate complex business models.

About the Study (THE STATE OF B2B CROSS-BORDER PAYMENTS)

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 Singapore report focuses on insights from 100 B2B cross-border businesses located in Singapore. 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.

For the Singapore report, please visit here.

For the full global report, please visit here.

About Rapyd

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 – locally or internationally. With offices worldwide, including Tel Aviv, Dubai, London, Iceland, San Francisco, Miami, Hong Kong and Singapore, 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 www.rapyd.net. Follow: Blog, Insta, LinkedIn, Twitter.

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Source : Rapyd Study: Nearly 50% of Singapore businesses express need for innovative fintech solutions to address financial challenges

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Apeos C4030 and Apeos C5240 printers awarded for faultless reliability, impressive ease-of-use, fast print and competitive scan speeds 

SINGAPORE, Oct. 10, 2023 /PRNewswire/ — FUJIFILM Business Innovation Asia Pacific Pte. Ltd. was awarded the Buyers Lab (BLI) 2023 A4 Pick Awards from Keypoint Intelligence for Apeos C5240 and C4030 printers.

The Apeos C5240 and Apeos C4030 printers earned their awards for its impressive usability, professional colour image quality and flexible mobile and cloud options which facilitates effective collaboration at any location, especially for small to mid-sized workgroups.

"The Fujifilm Apeos C5240 is a highly reliable device that can handle large volumes without misfeeding or malfunctioning, as was proven in our 158,000-impression test. Similarly, the Fujifilm Apeos C4030, produced 88,000 impressions without any misfeed or handling throughout the testing." said Tony Maceri, Senior Lab Technician at Keypoint Intelligence. "The Fujifilm Apeos C5240 delivered impressive print and scan speeds, along with smaller than average scan file sizes for efficient digitisation. What’s more, both devices produced consistent business colour output that is bright, sharp and smooth."

Fujifilm Apeos C5240

The Apeos C5240 and Apeos C4030 support hybrid workstyles with its mobile and cloud-based solutions, enabling connectivity at any location. Both models are compatible with Microsoft Universal Print which eliminates print servers and allows users to print from anywhere without having to install a printer driver.

"Small and mid-size workgroups looking for a colour A4 MFP will benefit from the many features offered by the Fujifilm Apeos C4030," said Rachel Dean, Technical Editor in Keypoint Intelligence’s Office Group. "Tools that enable collaboration for hybrid and office workers are vital, and the mobile and cloud connectivity offered can be accessed with the confidence that workflows are secure. A well-designed print driver and an intuitive user interface (UI) make the workstation and walk-up tasks an absolute breeze. On top of everything else, the complete value proposition of the Fujifilm Apeos C4030 makes it an obvious choice for a Pick Award from Keypoint Intelligence." 

Fujifilm Apeos C4030

To mitigate evolving document security risks, the Apeos C5240 and Apeos C4030 printers are equipped with a host of security features to ensure optimal protection of confidential information. This includes compatibility with new WPA3 protocol for robust security of wireless LANs and adopting the TPM (Trusted Platform Module) 2.0*1 security chip, which conforms to the latest encryption regulations from the Trusted Computing Group (TCG)*2. Both printers have surpassed the strict benchmarks of Keypoint Intelligence’s Security Validation Test for Device Penetration*3.

"At FUJIFILM Business Innovation, rethinking what we do and how we innovate to surpass evolving customers’ expectations, is at the heart of what we do." said Yoshihisa Okutsu, General Manager, Device Technology Business, FUJIFILM Business Innovation Asia Pacific. "The Fujifilm Apeos C5240 and Apeos C4030 are equipped with similar major functions and security capabilities as the A3 MFP, but cleverly presented in a sleek and compact manner to combat user and space limitation challenges that small-and-medium enterprises face. We are extremely excited and driven with this recognition on our A4 MFP series and will endeavour to help our customers optimise both their internal and external customer experiences with our extensive portfolio of products, solutions and services."

*1:  Security chip that manages the key to encryption data stored within the multifunction device

*2:  TCG is an international non-for-profit standards organization. trustedcomputinggroup.org/

*3:  Based on device firmware version 1.26.0 onwards for Asia Pacific region

About Keypoint Intelligence

For over 60 years, clients in the digital imaging industry have relied on Keypoint Intelligence for independent hands-on testing, lab data, and extensive market research to drive their product and sales success. Keypoint Intelligence has been recognized as the industry’s most trusted resource for unbiased information, analysis, and awards due to decades of analyst experience. Customers have harnessed this mission-critical knowledge for strategic decision-making, daily sales enablement, and operational excellence to improve business goals and increase bottom lines. With a central focus on clients, Keypoint Intelligence continues to evolve as the industry changes by expanding offerings and updating methods, while intimately understanding and serving manufacturers’, channels’, and their customers’ transformation in the digital printing and imaging sector.

About BLI Office Hardware Pick Awards

Buyers Lab Picks from Keypoint Intelligence stand alone in the industry and are hard-earned awards as they are based on rigorous testing, including an extensive durability assessment and evaluation of key attributes such as usability, image quality, and value. Each product that passes its lab test earns the Highly Recommended or Recommended Seal and a Certificate of Reliability, with the best performers qualifying as Pick contenders.

About FUJIFILM Business Innovation

FUJIFILM Business Innovation is a global leader committed to continuously deliver innovations to customers’ businesses worldwide, for creating innovative and fulfilling workplaces by effectively adopting information and knowledge through digital transformation (DX). We have pioneered numerous technologies and accumulated expertise since our establishment in 1962, to build an environment that encourages the use of one’s creativity to maximize organizational strengths. Our portfolio includes conducting R&D, manufacturing and sales of world-class workflow solutions, IT services, and printing equipment such as digital multifunction printers (MFPs). We also offer business process outsourcing (BPO) services as well as marketing and implementation support of Enterprise Resource Planning (ERP) systems.

On 1 April 2021, we have changed the company name to FUJIFILM Business Innovation. More than just a name change, it embodies our commitment to continue as a company that always pursues business innovation. FUJIFILM Business Innovation Asia Pacific is the regional headquarters of the global company, FUJIFILM Business Innovation, providing corporate support and shared services for the Asia Pacific region.

https://fujifilm.com/fbglobal 

FUJIFILM Business Innovation Asia Pacific Wins BLI 2023 A4 Pick Awards from Keypoint Intelligence

Source : FUJIFILM Business Innovation Asia Pacific Wins BLI 2023 A4 Pick Awards from Keypoint Intelligence

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network