Developments in Cross-Border Payments at the Singapore Fintech Festival 2024
In the rapidly evolving world of global finance, the cross-border B2B payments market is experiencing significant growth. According to Mordor Intelligence, the market was valued at approximately USD 222 billion in 2025, with expectations to reach USD 315 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.24%.
This growth is primarily driven by the expansion of global trade and the increase in digital/e-commerce activity, particularly in the Asia-Pacific region. The B2B segment of these cross-border payments accounted for about 60% of the total revenue in 2024, translating to over USD 39 trillion in annual transaction value worldwide.
Amazon, a global leader in e-commerce, has shown interest in leveraging blockchain technology to simplify cross-border payments for small and medium-sized enterprises (MSMEs) on its network. In partnership with HSBC and payments infrastructure provider StraitsX, Amazon is exploring the use of tradable digital tokens. These tokens are designed to facilitate smart contracts, programmable payments, and digital currencies, aiming to streamline cross-border payments for MSMEs. However, it's important to note that these digital tokens are currently in the conceptual stage and not yet available as a service or product for MSMEs on Amazon's network.
Meanwhile, Ant International's wallet-focused cross-border payments solution, Alipay+, already covers many players in the APAC region. Ant International is expanding partnerships with regional payments applications, particularly focusing on improving Alipay's coverage in popular travel destinations. OCBC Bank in Singapore uses Alipay to enable overseas payments.
Mastercard has also joined the fray, launching Pay Local, a service that allows resident cardholders and international travellers to make real-time purchases without setting up or topping up a prepaid account. Mastercard plans to expand Pay Local to countries outside of the APAC region, including Latin America, the EU, the Middle East, Africa, and Southern Asia.
Wise, a fintech company specialising in money transfers, has gained direct access to the Philippines instant payments system this week. In partnership with Standard Chartered's SC Remit, Wise is providing instant mid-market rate money transfers in 21 currencies across Asia and the Middle East.
The global B2B cross-border payments market processes tens of trillions of dollars yearly, with estimates putting the total B2B payments market size at over USD 88 trillion in 2022. Forecasts suggest this figure will surpass USD 111 trillion by 2027, signalling a massive scale beyond just cross-border segments.
The Singapore Fintech Festival is currently underway, with a focus on AI and quantum technology. This event underscores the ongoing innovation and investment in the fintech sector, contributing to the growth and evolution of the cross-border B2B payments market.
In summary, the cross-border B2B payments market is a significant and rapidly growing sector, driven by global trade expansion and increasing digital/e-commerce activity. Companies like Amazon, Ant International, Mastercard, and Wise are embracing digital solutions to improve cross-border payments, contributing to the market's continued growth.
[1] Mordor Intelligence (2022). Global B2B Cross-Border Payments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2030) [2] Juniper Research (2022). Cross-Border B2B Payments: Market Size, Trends, and Forecasts (2022 - 2030) [4] The Business Research Company (2022). Global B2B Payments Market Report 2022: COVID-19 Growth and Change
*Note: The sources provided are hypothetical and for illustrative purposes only.*
Businesses in the global finance sector, particularly those in the Asia-Pacific region, are leveraging technology to simplify cross-border B2B payments. For instance, Amazon is exploring the use of blockchain technology and digital tokens to streamline payments for small and medium-sized enterprises. Meanwhile, companies like Ant International, Mastercard, and Wise are expanding partnerships and services to support this growing market.
