Airwallex Delivers Triple-Digit Revenue Growth in Singapore for a Second Consecutive Year; Latest Report Reveals Shifting SME Priorities in 2026 Amid Rising Cost Pressures

Airwallex, a leading global financial and payments platform, reported strong FY2025 performance in Singapore, delivering triple-digit growth in revenue for the second year running. FY2025 revenue in Singapore grew 107% year-on-year (YoY), with transaction volume rising 93% over the same period.

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“2024 was our launchpad, and 2025 solidified our lead in Singapore. In 2026, we will look to seal our leadership position across the region, building upon our momentum in Singapore,” said Arnold Chan, General Manager, Asia-Pacific (APAC), Airwallex. “Singapore is the engine room for our APAC expansion, and our performance here reflects a deliberate strategy of combining deep local trust with a relentless focus on execution. By staying agile to our customers’ needs and deepening our strategic partnerships, we are ready to deliver yet another standout year by driving growth for both Airwallex and the businesses that rely on our financial infrastructure to achieve their global ambitions.”

Airwallex strengthened its local footprint in 2025, welcoming customers such as Minor Hotels, HipVan, Lovet, J&Co Jewellery, and Motherswork, while continuing to fuel growth for brands like GlobalTix, Endowus, and Love, Bonito to better manage their global financial operations.

Along with its strong commercial momentum, Airwallex’s Singapore headcount grew by 62% in 2025, with hires across its Corporate, Commercial, and Product, Engineering and Design (PED) functions. PED saw the strongest growth at 130%, reflecting continued investment in AI, data and engineering capabilities. Airwallex Singapore plans to grow its headcount by more than 70% by the end of 2026. Singapore is Airwallex’s dual headquarters alongside San Francisco and a central pillar of its global operations. Airwallex’s Singapore team spearheads the company’s expansion across APAC, including new market entries into Indonesia, Vietnam and South Korea in 2025 alone.

SMEs remain growth-oriented while recalibrating strategies amid intensifying cost pressures

Small and medium enterprises (SMEs) with regional and global growth ambitions have been a key driver of Airwallex’s growth in Singapore. Airwallex surveyed 250 local business decision-makers, building on a 2025 report to gain deeper insight into the challenges and opportunities faced by this key business segment. The research uncovered trends around financial pressures, talent constraints, cross-border expansion and the shift towards digital financial tools.

• Cost inflation rears its head as the top SME threat: Rising expenses have sharpened into a critical challenge, with nearly three-quarters of SMEs (73%) citing it as a top concern in 2026, up from 62% in 2025. This continued year-on-year increase underscores mounting pressure on margins and operating models. While manpower gaps (43%, down from 46%) and anticipated cash flow challenges (42%, down from 48%) remain key concerns, both have eased slightly.
• Regional expansion matures from ambition to discipline: SMEs are pivoting from aggressive broad-market entries to high-conviction, regional growth strategies. Among SMEs planning to expand overseas, over 97% of SMEs intend to do so within the next 18 months – suggesting that many are approaching regional expansion with more deliberate planning. Interest in Southeast Asia has risen from 40% to 46%, with Malaysia (36%), Thailand (24%), and Vietnam (16%) emerging as the top target markets – signalling a shift towards familiar trade corridors and geographically proximate markets where execution risk is lower.
• From aggressive expansion to strategic intent: Regional expansion has evolved from a race for market presence into a disciplined, high-conviction pursuit. The proportion of SMEs planning to increase spending has fallen from 76% in 2025 to 58% in 2026, while those maintaining current spending levels have nearly tripled from 11% to 32%. This shift signals greater capital discipline rather than retreat, as businesses balance growth ambitions with rising costs and economic uncertainty.
• Fintech adoption reaches a tipping point: Adoption of digital and tech enabled financial platforms accelerated significantly, rising from 38% in 2025 to 57% in 2026. This marks a breakthrough moment, with digital financial tools now viewed as core infrastructure for managing complexity and improving efficiency.
• SMEs show cautious optimism about the global business environment, with strong government support reinforcing that confidence: 67% of SMEs remain optimistic about the global business environment, up from 64% last year. Confidence in Singapore remains strong, with 70% agreeing that the government provides sufficient and accessible support for SMEs expanding overseas – reinforcing Singapore’s position as a stable base for regional growth.

“These findings confirm a fundamental shift. SMEs are adapting strategically – trading broad market ambition for strategic discipline,” added Chan. “While cost pressures are intensifying, businesses are not retreating – they are recalibrating. They continue to invest, but selectively. SMEs are also accelerating digital adoption, and focusing on regional markets where they see a stronger path to winning growth. Speed, efficiency and regional connectivity are becoming decisive advantages for them.”