A recent report by Morph Payments reveals that cross-border payment delays are significantly affecting business growth across five Asian markets, including Singapore and Hong Kong. The study, conducted with Studio by Informa TechTarget, surveyed 150 independent operators and payments decision-makers in Singapore, Hong Kong, the Philippines, Indonesia, and Vietnam.
The findings indicate that 51% of respondents have had to postpone planned investments or growth initiatives due to these delays. Furthermore, 83% of businesses typically wait at least two business days for international invoice payments to reach their local bank accounts. This delay is compounded by the fact that 65% of those surveyed estimate losing at least 3% of their international earnings to fees and foreign exchange.
The report also highlights a growing interest in stablecoin payments as a potential solution to these challenges. It explores practical considerations such as conversion into local currency, which could offer businesses a more efficient and cost-effective alternative to traditional payment methods.
The findings underscore the need for improved payment systems to support business growth and investment in the region. As businesses continue to navigate these challenges, the adoption of innovative payment solutions like stablecoins could play a crucial role in mitigating the impact of payment delays.
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