The rapid digital transformation across Southeast Asia has brought tremendous changes in how we work, live, and play. Across the region, Singapore remains a frontrunner in spearheading tech transformation across different sectors and it is a major gateway to Southeast Asia’s internet economy, which is estimated to exceed US$300 billion by 2025.
Following suit of its blueprint, Singapore launched e-payments platforms to facilitate faster and secure transactions. With such headway made, digital payments are now forecasted to reach the value of $19 billion by 2024 as businesses readily embrace tech solutions to optimize operations and reach new markets.
Yet even with big strides made in the digital space, the inefficiencies in international payments continue to be a key barrier in cross-border trade for enterprises both locally and globally. To further penetrate and capitalize on the many opportunities in Southeast Asia, they need a network infrastructure provider like EMQ with global reach and deep local expertise to streamline the payments process and navigate complex regulatory requirements.
Leveraging on the strength of EMQ’s global network and its Major Payment Institution license in Singapore, start-ups, payment service providers (PSPs), and SMEs are able to send and receive payments quickly and transparently to and from over 80 key global markets, with access to millions of digital end-points.
In key markets like Singapore, EMQ is also directly connected to 19 banks under the country’s Fast and Secure Transfers (FAST) network. This enables PSPs and SMEs to settle transfers in minutes at a fraction of the cost, compared to traditional cross-border payment routes.