To better understand the evolving priorities and pressures shaping SME growth today, Airwallex surveyed 250 Singapore business decision-makers across the country. The study revealed key trends around financial pressures, workforce challenges, global expansion plans, and the growing adoption of digital solutions.
- Financial Pressures & Business Resilience: Rising costs remain the most pressing issue, cited by 62% of respondents, followed by challenges managing cash flow both globally and locally (48%) – highlighting the growing demands of financial management for SMEs operating across borders. Inflation (43%) and regulatory complexity (40%) were also major concerns, reflecting the broader pressures businesses face in today’s environment.
- Talent Crunch: Talent constraints are another major pressure point. Nearly half (46%) of SMEs highlighted the lack of suitable manpower as a barrier to growth, with many pointing to skill mismatches and labour shortages as key hiring challenges.
- Resilience & Growth Mindset: SMEs are maintaining an expansion-first mindset, with Southeast Asia emerging as the top destination for overseas growth (40%), followed by East Asia (37%), and Central Asia (30%). A majority of businesses are also increasing spending (76%), with one in three (33%) significantly boosting investment, pointing to a clear focus on growing revenue, improving efficiency, and capturing market share.
- Fintech & Digital Adoption: As businesses scale, many are turning to digital and fintech solutions to manage rising complexity in financial operations – from improving cash flow visibility to navigating compliance requirements across borders. Nearly all SMEs surveyed (96%) have either adopted or plan to onboard digital or fintech platforms to support their business finance needs, citing convenience, faster transactions, cost savings, and stronger features as key drivers. Notably, 91% also said they trust fintech platforms to manage their financial operations. This marks a clear shift away from traditional financial systems that are struggling to keep pace with SME needs.
