Cross-border Payment Advancements Highlighted at 2024 Singapore Fintech Festival
Global B2B Cross-Border Payments Market Grows Rapidly
The global market for Business-to-Business (B2B) cross-border payments is a significant player, with an annual transaction value of over USD 39 trillion as of 2024. This figure represents approximately 60% of the overall cross-border payments market, which was valued at USD 222.23 billion in 2025.
According to Juniper Research, the broader global B2B payments market, including non-cross-border transactions, was over USD 88 trillion in 2022 and is expected to exceed USD 111 trillion by 2027.
The cross-border payments market is projected to grow from USD 222.23 billion in 2025 to USD 315.26 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.24%. The Asia-Pacific region is the fastest-growing, with a CAGR of 9.4%, driven by the rise of digital commerce and wallet adoption.
The B2B segment constitutes the majority revenue share (60.01%) of cross-border payments globally, underscoring the critical role of B2B transactions in this space. The B2B digital payments market itself was valued at USD 8.0 trillion in 2023 and is expected to reach USD 27.8 trillion by 2032, driven by real-time transactions and cross-border integration.
Stablecoin-based cross-border B2B payments represent a smaller but emerging segment, with annual transaction volumes in the billions of USD range. This highlights technological innovation in the market.
In recent news, Wise has partnered with Standard Chartered's SC Remit to provide instant mid-market rate money transfers in 21 currencies across Asia and the Middle East. This partnership aims to improve remittance services for SC Remit.
Amazon, in partnership with HSBC and StraitsX, has explored blockchain technology for facilitating cross-border payments for independent MSMEs on its network. The focus of this application is to simplify cross-border payments for these businesses. However, it's important to note that the digital tokens demo by Amazon is conceptual, and the company has no immediate plans to launch a related service or product.
Mastercard has launched Pay Local for countries in the APAC region, allowing customers to link credit and debit cards to local digital wallets. Mastercard plans to expand Pay Local to LatAm, the EU, the Middle East, Africa, and Southern Asia.
Ant International is expanding partnerships with regional payments applications to improve Alipay's coverage in popular travel destinations, supporting international MSMEs.
The Singapore Fintech Festival is taking place this week, with a focus on AI and quantum technology.
Wise recently gained direct access to Japan's payment clearing network, and the company also gained access to the Philippines' instant payments system.
These developments underscore the continued interest in exploring innovative payment solutions and the rapid growth of the global B2B cross-border payments market.
Given the ongoing exploration and implementation of innovative technology in the cross-border B2B payment sector, it's evident that the role of finance in business is being greatly influenced by technological advancements. For instance, Amazon is leveraging blockchain technology to simplify cross-border payments for small and medium-sized enterprises (MSMEs). Moreover, stablecoin-based cross-border B2B payments are emerging as a notable segment, showcasing the market's embrace of technological innovation.
