SMEs have high demand for fintech for international payments

According to a Payoneer report, 58% of Vietnamese businesses surveyed said digital transformation has helped them remove barriers to accessing international markets, with many businesses receiving payments from the US, China or Australia.

Processing wooden furniture in Tay Ninh for export to the US - Photo: QUANG DINH

Published in late 2023, a survey of small and medium-sized enterprises (SMEs) in Asia found that these businesses are increasingly interested in finding financial technology (fintech) solutions for payments and cash flow issues.

Not outside the above trend, Vietnamese enterprises with more and more international payment activities, along with receiving large foreign currency flows, are showing that they have a high demand for a series of digital solutions to help manage the above problem.

Success with good cash flow management

The East Asia Forum website commented that the financial landscape in many ASEAN countries is changing thanks to the rapid development of fintech.

Take lending, for example, where traditional lenders often have slow and cumbersome approval processes, small businesses are turning to fintech companies for faster and more customized funding options.

According to the World Economic Forum (WEF), SMEs account for more than 99% of all enterprises in ASEAN, with an important role in creating jobs, but are also often the ones facing cash flow problems, due to small cash reserves and limited resources.

WEF believes that fintech solutions have helped SMEs solve many financial problems, including solutions such as P2P lending, cross-border payments, quick access to cash and simple international transactions.

The report "Small and Medium Enterprises (SMEs) on the Journey to Globalization" conducted by Payoneer shows that 58% of Vietnamese businesses participating in the survey said that digital transformation has helped them remove barriers when accessing international markets, while 77% of businesses consider this a key factor driving innovation in business operations.

"Our report shows that the majority of SMEs in Vietnam receive payments from countries such as the US, China and Australia," said Mr. Vu Ai Viet, country manager of Payoneer in Vietnam.

According to Mr. Viet, the success stories of these SMEs are proof that the right solutions at the right time can help Vietnamese businesses go global.

Fintech is essential for import-export businesses

Processing transactions for international platforms such as Airbnb, Payoneer discovered the potential of the Vietnamese market with a large demand for payments, in the context of growing global payment sectors here.

The main customer base that Payoneer is serving in Vietnam is cross-border e-commerce sellers, along with businesses in the fields of information technology, game development and export, and goods exporters...

Besides, Mr. Adam Cohen, development director of Payoneer, commented that Vietnam becoming a center of attracting foreign investment is also a prospect for fintech demand.

"For example, when a business from another country comes to establish a company and develop business operations in Vietnam, Payoneer will support them the same way we support other Vietnamese businesses," said Mr. Cohen.

NGHI VU

Source: https://tuoitre.vn/doanh-nghiep-sme-co-nhu-cau-fintech-cao-cho-thanh-toan-quoc-te-20250811185610214.htm