NEWS
NEWS
Airwallex Hong Kong ’ s first trade report reveals that 90 percent of import and export businesses embrace FinTech to expedite cross-border operations
Airwallex Hong Kong has announced the launch of its inaugural import and export trade report . Over half of the surveyed import and export traders operating out of Hong Kong are grappling with rising business costs , as the majority eye FinTech solutions and market expansion into Northeast Asia and Southeast Asia to stay competitive .
Global supply chain disruptions and inflationary pressures have posed significant challenges for trading businesses as they strive to remain competitive . Fifty-five percent of the respondents identified rising operational costs , particularly in supply chain and logistics , as a top concern . Additionally , 51 % reported increasing difficulties in managing local and international cash flow , especially when cross-border transactions are complicated by varying regulatory requirements and currency risks .
Businesses recognise the potential of emerging technologies and solutions and plan to invest in the automation and digitisation of finances , global e-commerce platforms and marketing and CRM technology over the next three years . Notably , 40 % of respondents identified their companies as pioneering innovators eager to experiment with new technologies to enhance their operations .
Among the three in four respondents already using FinTech for payments , 92 % expressed satisfaction with the pay-in , payout and FX services provided by FinTechs , demonstrating the effectiveness and reliability of these solutions in enhancing financial operations . As cross-border trade accelerates , the advantages of digital payment and FinTech solutions are becoming increasingly evident for SMEs ’ bottom lines . An overwhelming majority ( 90 %) are open to incorporating more
FinTech solutions for FX and international transfer services .
Arnold Chan , Asia General Manager , Airwallex , commented : “ Our report shows that SMEs are embracing FinTech not just to stay competitive , but to drive growth across borders .”
Crypto . com receives payment service provider licence from Central Bank of Bahrain
Crypto . com has received full approval to provide payment service provider ( PSP ) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “ FORIS GFS BH B . S . C . CLOSED ”, adding to the company ’ s significant regulatory milestones in the region .
The PSP licence will allow Crypto . com to expand its offerings of e-money and fiat-based payment services regionally , including the launch of its world-renowned prepaid cards .
“ With its extensive international presence and an earned reputation for regulatory compliance , we are delighted that Crypto . com has chosen the Kingdom of Bahrain as a destination for investment , which will further bolster Bahrain ’ s ability to deliver on its vision of developing a digital-first , resilient economy that celebrates innovation and progress ,” said H . E . Noor bint Ali Alkhulaif , Minister of Sustainable Development , Chief Executive of Bahrain Economic Development Board . “ Backed by the agility of our Team Bahrain approach , which fosters a streamlined investment environment that champions ease of doing business , Bahrain is successfully building a world-class ecosystem to support the evolution of the fast-growing Blockchain , crypto and
FinTech industry . This is further supported by robust regulations and a diverse , highly skilled and future-ready talent pool , particularly within the financial services and technology sectors .”
“ Bahrain has been working to create an innovation-friendly crypto and FinTech ecosystem , which has involved putting in place clear regulation that balances consumer protection with commercialisation ,” said Eric Anziani , President and COO of Crypto . com . “ We appreciate the work of the Kingdom and look forward to progressing our relationship as we play our part in growing the crypto industry in Bahrain and across the GCC .” www . intelligentfin . tech
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