Globalisation has transformed the world’s economy. While the first stage of economic change was driven primarily by large corporations who had the resources and supply chains to expand internationally, the next wave of economic growth will be shaped by the growing role of SMEs in global trade. Today SME cross-border payments represent a significant portion of the global B2B payments market, amounting to over $10-15 trillion annually. In fact, B2B payments are growing faster than C2C and B2C markets at 5-10% year.
Once the backbone of the domestic economy, SMEs now have more opportunities than ever to expand into new markets thanks to the recent innovations in payments and the rapid growth of international ecommerce. For instance, ecommerce platform operators such as Amazon and eBay have made it easier for SMEs to sell products abroad. Moreover, the rise of the digital economy has placed a stronger focus on agility and disrupted many industries — including retail, financial services, logistics and transportation, and manufacturing among others. This has provided a level playing field for start-ups and SMEs to compete with large enterprises.
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