The annual B2B spend in the Asia-Pacific region will surpass the US$75 trillion mark in 2024. Singapore’s B2B payments market is expected to grow at a CAGR of 5% growth in between 2021-2025. Yet, the B2B payment cycle is inefficient and heavily relies on manual processes, making it a prime candidate for technological advancements that can digitize the end-to-end process.   

For example, 49% of the total B2B invoices in Singapore are overdue and 9% are written off as bad debt. Additionally, the days sales outstanding (DSO), which is the time interval between invoicing and getting payment from customers, has deteriorated for more than 50% of Singapore businesses during the past few years.   

Modern finance leaders know that moving to commercial card payments isn’t just about accelerated payments, but instead part of a broader strategy of digitizing their overall Business payments. By doing so, businesses can generate savings, reduce manual processes, mitigate fraud, increase visibility and control, and strengthen business relationships.