Customs, currency challenge for SMEs

Finance | Avery Chen 9 Aug 2018

Research by FedEx Express found that more than 50 percent of Hong Kong small and medium enterprises agree customs procedures and currency exchange issues are their biggest operational challenges.

The survey was based on interviews with 4,543 senior executives of SMEs in the Asia Pacific markets between March and April 2018.

The total export revenues of local SMEs have increased by 24 percent to HK$11.28 million over the past two years, accounting for 88 percent of the total revenues, higher than the Asia Pacific market average of HK$9.46 million.

SMEs are harnessing new technologies, including automation software (80 percent), mobile payments (72 percent) and big data analytics (71 percent), to improve supply chain and distribution efficiencies.

Meanwhile, Convoy Global Holdings (1019) announced that it has entered into a partnership with CurrencyFair, an international money transfer services provider, to promote payments and remittance service. The partnership includes the merger of Convoy's subsidiary, Convoy Payments, with CurrencyFair, and an investment to support the joint entity's Asian expansion.

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