The Singapore Fintech Festival 2023 (SFF), which was held from 15 to 17 November, attracted and welcomed more than 60,000 attendees. It featured over 800 speakers across more than 300 hours of content, and one of the themes was on “Efficient Payments”.
As the sponsor at the Singapore Fintech Festival 2023, the SUNRATE team was there to network with the brands and showcase its platform as one of the latest innovations in the FinTech space. When it comes to the B2B cross-border payment landscape, the payments industry has grown leaps and bounds since the start of the pandemic. The impact of having cross-border business payments readily available for businesses especially SMEs is largely positive. SUNRATE is proud to be embarking on this purposeful journey to empower the digitalisation of global business payments whilst supporting businesses with its flexible treasury management solutions worldwide.
The following four key takeaways by SUNRATE are some of the team’s perspectives on the latest investment trends, challenges and opportunities that are presented within the B2B cross-border payments industry in the region.
Four key takeaways from the Singapore Fintech Festival 2023
1. A growing significance in enabling and scaling instant cross-border business payments
There is always a growing demand for B2B cross-border business payments on a global scale. Businesses around the world is eager to get onboard the bandwagon of having almost instant seamless cross-border business payments so that they are able to scale their operations on a wider scale. Headquartered in Singapore, SUNRATE - an intelligent global payment and treasury management platform, have enabled businesses worldwide to operate and scale both locally and globally in 190+ countries and regions with our cutting-edge proprietary platform, extensive global network, and robust APIs. SUNRATE aims to address the underserved needs of businesses which is the cumbersome and expensive process of cross-border payments and collections.
2. A growing awareness to address the underserved business community among the SMBs (Small and Medium Businesses) in Asia Pacific and beyond
Cross-border business payment services have become increasingly popular in recent years, and as a result, the demand for such services has never been higher. Businesses are always on a lookout for the right partners to help them better navigate the complicated world of cross-border payments. SUNRATE’s recent partnership with Visa marks another step forward for cross-border payments in Southeast Asia and beyond. This is just one classic example of the many collaborations, product launches and initiatives that SUNRATE is focusing to drive innovation and growth in the payments industry. With this growing awareness among the SMBs in the region and beyond, a borderless business account with SUNRATE will help shape up the future of cross-border business payments on a global scale.
3. Empowering entrepreneurship with B2B cross-border business payment solutions
Real-time payments are transforming digital payments for businesses and governments by delivering new levels of speed, innovation, and efficiency. As of today, sending money abroad is often perceived as still slow and expensive by most businesses. Businesses will seek possible solutions to connect these domestic Instant Payment Systems (IPSs) internationally with the goal of improving the speed, cost, and transparency of cross-border payments. As a real-time payment provider, SUNRATE aims to provide a faster and more efficient way for businesses to make payments.
While SUNRATE’s team enjoyed fostering meaningful conversations and unlocking value for the FinTech community, SUNRATE’s long-term goal is to redefine the future of B2B cross-border payment services by driving meaningful change and create a secure future for all businesses worldwide. The future of cross-border business payments is hugely optimistic as it is becoming cheaper, faster, and more efficient. As with every year, the Singapore Fintech Festival presented a fantastic platform to catch up with industry peers in Fintech, exchange learnings and looking forward to what is next in the region and beyond.
4. Singapore as a global trade and fintech hub
In a post-pandemic world like today, Singapore will and always remain a top trading hub in the world as global commerce has been the lifeblood of Singapore. Singapore’s success has been tied to an open, connected, and functional global economy. This perspective further strengthens SUNRATE’s current proposition, as a global company setting its headquarter in Singapore. Singapore remains a stable business destination for global companies seeking growth. This is one of the many reasons why SUNRATE is headquartered in Singapore - a global gateway to reach out to businesses in this region and beyond. This is closely intertwined with SUNRATE’s business nature of being a B2B cross-border payment service provider.
To conclude, here is one remarkable quote by Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), which he delivered during the SFF annual address: “Everything we do in FinTech must have a larger purpose… FinTech is more importantly about solving real-world problems, about improving people’s lives, about promoting a more inclusive society, about securing a sustainable planet for the future.” The team from SUNRATE could not agree more on this – B2B cross-border payment services is here to stay for good, as well as for the betterment of businesses worldwide.
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