INTHEBLACK June 2022 - Magazine - Page 13
SINGAPORE
KEEPS IT REAL
In 2021, real-time payments boosted Singapore’s GDP by just over S$483 million
(A$496 million), and that figure looks set to rise over the next three years.
Across the 30 countries
included in the study, real-time
payments helped generate an
additional economic output of
US$78.4 billion (A$111.5 billion)
in 2021. By 2026, this figure
is set to rise to US$173 billion
(A$246 billion).
The finding comes from
the Prime Time for Real-Time
READ THE REPORT HERE
Global Payments Report from
ACI Worldwide. It shows
that real-time payments
accounted for 8.7 per cent of
all payments in Singapore in
2021 and predicts that they
will account for more than
15 per cent of all payments
in the country within five
years. “As Singapore looks
towards interoperability,
interconnectivity, and interregional collaboration,
there will be a high-growth
potential both for the
domestic and cross-border
market in the near term,”
says Chee Cheng Ong,
head of ASEAN, ACI
Worldwide.
68%
OF SINGAPOREAN
WORKERS ARE
STRESSED ABOUT
THEIR FINANCES.
Source: Employment Hero’s
Wellness Report 2022
80%
OF WOMEN-OWNED
BUSINESSES
GLOBALLY WITH
CREDIT NEEDS ARE
EITHER UNSERVED
OR UNDERSERVED.
Source: The Mastercard Index of
Women Entrepreneurs
intheblack.cpaaustralia.com.au June 2022 13