Global payments and financial platform Airwallex has announced a remarkable 153% revenue growth in Singapore for the financial year 2024, driven by robust transaction volumes and a strong fourth quarter. The company also highlighted significant trends affecting small and medium enterprises (SMEs) in Singapore, which are expected to shape the business landscape in 2025.
Airwallex’s Singapore operations saw a 215% increase in Q4 revenue and a 192% rise in transaction volume year-on-year. The company expanded its local presence by partnering with brands such as Endowus, Love, Bonito, and Mighty Jaxx. Additionally, Airwallex increased its Singapore headcount by 58%, with a notable 98% growth in its Product, Engineering, and Design functions.
A recent study by Airwallex, involving 250 local business decision-makers, identified rising costs as the most pressing issue for SMEs, with 62% of respondents citing it as a concern. Other challenges include managing cash flow (48%), inflation (43%), and regulatory complexity (40%). The talent crunch remains a significant barrier, with 46% of SMEs struggling to find suitable manpower.
Despite these challenges, SMEs maintain an expansion-first mindset, with Southeast Asia, East Asia, and Central Asia being top destinations for growth. An impressive 96% of SMEs have adopted or plan to adopt digital and fintech platforms to enhance their financial operations, citing convenience, cost savings, and faster transactions as primary motivators.
Airwallex’s Head of Southeast Asia, Ershad Ahamed, emphasised the importance of understanding SME pain points to provide tailored solutions. “Our research shows they’re ready to grow and expand into new markets, despite the challenges they face,” he stated.
Founded in Melbourne and now headquartered in Singapore, Airwallex continues to expand globally, recently launching in New Zealand and acquiring CTIN Pay in Vietnam. The company has surpassed $600 million in annualised revenue and $130 billion in annualised transaction volume, further cementing its position as a leader in financial innovation.
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