Digitalisation drives SMEs and start-ups to leverage new multi-currency corporate banking products

August 22th, 2022 – In recent years, the adoption of digital channels has become necessary to survive in an increasingly contested business landscape.

With the onset of the pandemic, there has been an accelerated shift to broaden digital services. Research has shown that eight in 10 consumers in South-east Asia are now going digital, and there is a crucial need to adopt digital-first strategies to tackle the challenges of a fast-evolving economy.

Technology has become especially useful in addressing not only the pain points of customers but also the digital needs of their businesses. Through technology and innovation, companies can cut down and manage rising costs of more manual operations, redirecting resources to expansion and development plans.

Post-pandemic, companies find themselves dealing with the challenges of remote working. Many businesses are also setting up digital storefronts that cater to a worldwide audience as operations start to move online as well. Additionally, with travel opening up once more, global partnerships and expansion into overseas markets have become strategically important.

Hence, both small and medium-sized enterprises (SMEs) and start-ups are tapping technology to remain relevant in an increasingly competitive landscape and to secure better business opportunities. In South-east Asia alone, start-ups were able to raise over US$8.2 billion (S$11.3 billion) in capital in 2021, and are predicted to achieve a combined value of US$1 trillion by 2025.

To align themselves with the breakneck speed of digitalisation and internationalisation, start-ups and SMEs can leverage tech platforms and tools that add value and reduce costs for their businesses.

More…https://www.businesstimes.com.sg/banking-finance/digitalisation-drives-smes-and-start-ups-to-leverage-new-multi-currency-corporate

Written by The Business Times