Airwallex supports Hong Kong SMEs with an additional HK$2.25 million

Fintech platform Airwallex unveiled new relief measures to support the SME and startup community in Hong Kong following the launch of its Hong Kong Small and Medium Enterprise Initiative earlier this year.

More than 450 of its SMB customers have benefited from the initiative since its launch in April, according to the company. It will commit an additional HK$2.25 million to the program, bringing its total commitment to HK$4.5 million this year.

Over 340,000 SMEs operate in Hong Kong, representing 98% of the city’s business establishments and employing around 45% of the private sector workforce. According to Airwallex, the past few years “have tested the resilience, resolve and endurance of businesses in Hong Kong”.

Arnold Chan, Managing Director, Hong Kong and South East Asia at Airwallex, said: “We are encouraged to see some SMEs on the road to recovery, but recognize that many others still face challenges. This further rollout of initiatives aims to provide relief in areas where so many SMEs continue to struggle. We hope that the additional support we provide will help make a difference for Hong Kong’s SME and startup community. »

The latest relief measures include:

Rental support: Hong Kong has one of the highest average rents for premium office space in the Asia-Pacific region. Airwallex has partnered with office and warehouse space providers and an online rental payment platform to provide support and better options for paying rent.

Integrated Logistics Support: Together with international transportation services company FedEx and Hong Kong’s leading technology logistics platform, GOGOX, Airwallex will offer discounts and refunds on various delivery and shipping options.

Marketing operations workshops: In partnership with Google Ads, Fedex and GOGOXAirwallex continues to offer SMB webinars and mentoring over the coming months to enhance the skills of companies looking to grow their business.

Prefect Kwan, co-founder of GOGOX, comments: “The road to recovery for many companies has only just begun. Over the past few years, we are heartened to see the continued entrepreneurial spirit of so many startups and SMEs in Hong Kong. Together with Airwallex, GOGOX will continue to support local businesses and fuel their future growth with our efficient and agile logistics solutions to meet various logistics needs.

Focus on Australian SMEs

In a separate Airwallex announcement this week, the fintech platform released the results of its inaugural annual survey of Australia’s small business ecosystem.

The Airwallex Australian Business Growth Index is the first in an annual series exploring a range of opportunities and challenges facing the SME sector, including growth, financing, staffing and technological innovation.

Airwallex surveyed 202 small businesses in Australia at the end of May 2022 across a range of industries, locations and annual turnovers. He revealed that a third of SMEs (35%) in the country have already completely migrated to digital and fintech solutions for their banking needs.

A third (34%) of Australian SMEs also report that their business currently operates outside Australia. This figure is expected to double over the next five years, as more than two-thirds of SMEs plan to be operational outside Australia by 2027.

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