8 in 10 local firms mull overseas expansion in the next two years

Firms believe it's easier to run an international business today.

A majority (84%) of businesses in Singapore plan to expand internationally in the next two years, data from Stripe’s latest survey showed.

Globally, 50%  of enterprises plan to expand further internationally in the next two years.

Singapore firms (59%) believe that running an international business is easier today than it was five years ago, adding that there are fewer restrictions now on how businesses can operate today than in the past.

The optimism towards expanding into overseas markets can also be due to digital trade, said Stripe.

“Digital exports are levelling the playing field and allowing businesses of all sizes—from ‘single-person multinationals’ to large and predominantly offline traditional enterprises—to access global markets,” Stripe said.

Globally, 81% of sole proprietor businesses are selling internationally, and of which 18% are selling to more than 11 global markets. 

Large traditional enterprises are also leaning toward cross-border expansion. From 2021 to 2022, Strip recorded a 61% growth in Singaporean enterprises selling internationally via digital channels on its platform.