Business Daily Media

The Times Real Estate

.

YouBiz research reveals key trends and challenges facing Southeast Asian SMEs in 2023


  • YouBiz has launched its first white paper on spend management, with analysis of over 60,000 business transactions from over 4,500 companies, and surveys with over 160 SME executives in Southeast Asia today.

  • The press release highlights emerging spend insights YouBiz uncovered and how spend management will be the key growth driver for SMEs in 2023. For more information on the 2023 Business Spend Insights report by YouBiz, please visit: https://www.you.co/biz/2023-biz-spend/


    • Reducing operational costs emerged the top business priority among all SMEs surveyed
    • Over 85% of SMEs are exposed to currency fluctuations as cross-border transactions increase with the acceleration of global expansion plans
    • As borders reopen, SME travel and entertainment spend increased by 2X in the last two quarters of 2022
    SINGAPORE - Media OutReach - 19 January 2023 - YouBiz, the SME spend management platform by YouTrip, launched its first whitepaper studying emerging business spending trends and key business priorities for SME in 2023. Titled ‘2023 Business Spend Insights: Keys to SME Success in Uncertain Times’, the report analyses over 60,000 business transactions from over 4,500 companies, and surveys with over 160 SME executives in Southeast Asia.

    Reducing operational costs was identified as the top priority for SMEs as macro conditions for 2023 remain uncertain. As borders reopened last year, business travel resumed and companies doubled their travel and entertainment spend in the last two quarters of 2022. Cross-border payments also surged, with more than 7 in 10 SMEs facilitating foreign currency transactions monthly as they worked with overseas suppliers and partners to establish operations in new markets. This has however led to a spike in overall operating costs.

    “In our conversations with SMEs, the issue of reducing operational costs and spend management surfaced numerous times. YouBiz understands that as companies emerged from the pandemic, they grew even more prudent in the face of continued economic uncertainties. And as borders reopened, the increase in cross-border payments drove greater urgency and need for better spend management,” said YouTrip Co-Founder and CEO Caecilia Chu.

    “As a valuable and reliable partner of SMEs, YouBiz is committed to helping businesses harness their full potential by uncovering spending trends, challenges and considerations, as well as showcasing best practices and case studies in our in-depth report, to help companies better forecast and manage their business spend for the year ahead,” she added.

    Reducing operational costs is imperative in the face of economic uncertainties

    Reducing overall operational costs emerged the top business priority for SMEs in 2023 as business leaders ready themselves for impending challenges and volatility ahead, despite the positive economic growth in the region.

    Among SMEs surveyed, reducing operational costs (40%) takes precedence over the development of new products and services (30%), improving real-time spend management (17%) and finding new supply chain partners (10%).

    But as borders reopen, SMEs are hungry for new growth opportunities overseas

    Global business travel is expected to reach US$1.4 trillion in 2024, a year sooner than forecasted. SME owners are riding this resurgence of business travel, increasing their travel and entertainment (T&E) spending by 2X in the last two quarters of 2022. This upward trend is projected to continue into the first quarter of 2023.

    Based on the report findings, companies in the professional services industry (35%) invest the most in business travel. Executives of these companies are keen to budget more for travel spend to expand sales in new markets and reinforce partnerships that have been affected by the lack of face time during the pandemic.

    Over 85% of SMEs are exposed to FX fluctuations with the increase in cross-border payments

    With easier and quicker access to payments in most foreign currencies globally, SMEs are able to venture into overseas markets without compromising on their rate of growth, operational efficiency and cashflow. 56% of SMEs surveyed regularly transact with foreign currency including card spend, making and receiving payments – with more than 90% transacting S$50,000 or more.

    However, 86% of SMEs face exchange rate fluctuations on their frequent transactions in foreign currencies. Without the necessary tools to hedge against foreign currency fluctuations, SMEs are likely to incur opportunity costs as a result of overestimating or underestimating their overseas expenses – impacting the overall operational costs of working with overseas partners.

    Leveraging spend management tools reduces operational costs and builds business resilience

    Adopting the right spend management solution enables SMEs to have real-time control of various budgets, and the tools to effectively manage FX fluctuation risks that arise from cross-border payments. This is essential as YouBiz estimates 8 in 10 SMEs do not have full visibility on company spend. SMEs are also looking out for easy-to-use, affordable and convenient solutions that are complementary to their business operations and support the various foreign currencies they frequently transact in.

    Caecilia added, “As SMEs evaluate the myriad spend management tools in the market, YouBiz aims to advise them on the key areas of spend management and resource optimisation, and share with business owners timely insights that will propel their growth to the next level.”

    For more information on the 2023 Business Spend Insights report by YouBiz, please visit: https://www.you.co/biz/2023-biz-spend/

    Hashtag: #Fintech #SME #SMEs #Business #Spend #CorporateSpend #B2B

    The issuer is solely responsible for the content of this announcement.

    About YouBiz

    Launched in 2022, YouBiz is the leading multi-currency corporate card and spend management platform for SMEs. Built by YouTrip, a first-mover in the Southeast Asian fintech and digital payments space, YouBiz provides SMEs and startups with an easy-to-use, convenient and affordable spend management platform to power their cross-border payment needs and global expansion plans.

    Today, YouBiz is one of the fastest growing spend management fintechs and a reliable partner for SMEs as they accelerate their business growth with the best in market exchange rates, at zero FX fees.

    For more information, please visit

    News from Asia

    SonicWall Redefines Cybersecurity, Sets New Standard with Next Generation Network Security Solutions Built for MSPs

    Delivering peace of mind with layered security, co-managed services and a unified management platform, SonicWall is helping partners grow services profitably through its continued innovation levera...

    BNM’s Policy Rate Call Looms: Octa Broker Highlights Inflation, Exchange Rate and Trade Challenges

    KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 6 May 2025 - This Thursday, Bank Negara Malaysia (BNM) will announce its policy rate decision. While most analysts expect no change, Octa Broker ...

    TDCX retains rank as the top Southeast Asian outsourced CX provider

    Among top 17 globally in OA500 Index that evaluates BPO firms worldwide SINGAPORE - Media OutReach Newswire - 7 May 2025 - TDCX, a leading global business process outsourcing (BPO) company for te...

    NIA Eyes Green Tech Unicorns Within Three Years, Four Thai Startups Set to Showcase at ‘Web Summit Qatar 2025’ as Global Green Innovation Market Forecasts 25% Annual Growth Over the Next Decade

    BANGKOK, THAILAND - Media OutReach Newswire - 7 May 2025 - The Ministry of Higher Education, Science, Research and Innovation (MHESI), through the National Innovation Agency (Public Organization)...

    Trend Micro Delivers AI-Powered Threat Detection with AWS Infrastructure Support and NVIDIA Integration

    Proactive security with AI-powered model built for modern enterprise workloads HONG KONG SAR - Media OutReach Newswire - 7 May 2025 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cyb...

    Bee Choo Origin Strengthens CSR Efforts with Electric Van Donation to NKF

    SINGAPORE - Media OutReach Newswire - 7 May 2025 – Bee Choo Origin, Singapore’s leading herbal hair care brand that specialises in hair fall treatment and oily scalp treatment, has reaffirmed it...

    SMART launches new research group WISDOM to pioneer technologies that will help machines "see" like humans

    Multi-million-dollar, three-and-a-half-year programme to advance Singapore’s optoelectronics and photonics capabilities and semiconductor industry, which generated over S$133 billion in 202...

    Vingroup and the Rise of the ESG Ecosystem

    Vingroup is positioning itself to lead Vietnam's ESG push, using its broad business network to drive sustainable growth at home and abroad, while eyeing partnerships in the Middle East's expanding ...

    DFI Retail Group and Dingdong Announce Strategic Partnership With first-year sales target of HKD100 million

    HONG KONG SAR - Media OutReach Newswire - 7 May 2025 - DFI Retail Group (DFI or the Group), and Dingdong (Cayman) Limited (Dingdong or DDL), a leading fresh food e-commerce platform in the mainlan...

    Blue Cross Surpasses Market Average with Over 20% Growth in 2024

    HONG KONG SAR - Media OutReach Newswire - 7 May 2025 - Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") reported outstanding performance in the 2024 provisional statistics for Hong Kong ...

    UNSW startup accelerator offers $200K to the next generation of Australian deeptech unicorns

    UNSW Founders, Australia’s most recommended startup accelerator, has partnered with fund manager Luminary Partners to invest $200,000 each into 18...

    The Future Is Now: AI Modernization Is Reshaping How Business Gets Done

    The present business environment imposes stronger requirements on Australian organizations to match the fast-paced digital-first economy requireme...

    Businesses losing an average of $493k from data integrity flaws

    Managing data responsibly and effectively for the AI age can give organisations a strong competitive advantage, but many are failing to harness th...

    AI shopping disruptor Zyft raises $7.5M to lead the next gen of retail tech

    Zyft appoints new CEO, Richard Stevens, to lead the latest Waller Group success story, valued at $30 million SYDNEY, 28 April 2025: Zyft, the lea...

    Little known law offers savvy Kiwis the opportunity to supercharge their retirement savings

    A little-known legal amendment is being leveraged by savvy New Zealanders and expat Brits to supercharge their retirement savings. Not many peop...

    Cutting edge AI technology designed for doctors to reduce patient wait times launched in NZ

    New Zealand specialist doctors now have access to Artificial Intelligence technology to help reduce patient wait times and experts say it could be...

    Sell by LayBy