7 in 10 SMEs plan to do more business internationally

Given this, more firms have been using apps for cross-border payments.

Seven in 10 small and medium enterprises (SMEs) in Singapore plan to do more business internationally, data from Masterard showed.

Of those who plan to do so, 72% mull sourcing more suppliers, partners and workers across several countries to spread future risk.

With more SMEs involved in international business, more have also begun using apps for cross-border payments.

Data from Mastercard shows that 61% of SMEs are already using an app for cross-border payments, up 6% from 2022. 

SMEs globally prioritise online payment solutions which can keep their transaction and personal and financial information secure (43%).

SMEs around the globe also choose solutions which can deliver funds in 24 hours or less (39%), confirm that funds were received (38%), and enable status tracking of transfer and when it will arrive (34%).