MSMEs in Singapore encounter several obstacles with international banking and payments, including:
High Costs: International transaction fees can significantly burden MSMEs, hampering their ability to compete effectively with larger companies.
Limited Access: Unlike their larger counterparts, MSMEs often struggle to access comprehensive banking services, which complicates international money transfers and financial management.
Regulatory Complexity: Navigating the intricate landscape of international banking regulations and compliance requirements poses a challenge for MSMEs.
The Singaporean government recognizes these issues and is actively taking steps to mitigate them. Efforts include offering financial support to MSMEs and streamlining the regulatory framework for easier compliance and access to international financial services.
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