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

Fintech platform Airwallex has unveiled new aid measures to support the SME and start-up community in Hong Kong following the launch of the Hong Kong Small and Medium Enterprises Initiative earlier this year.

More than 450 of its SME 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 scheme, bringing the total commitment to HK$4.5 million this year.

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

Arnold Chan, general manager, Hong Kong and South East Asia at Airwallex, says: “We are encouraged to see some SMEs on the road to recovery, but recognize that many more still face challenges ahead. This additional rollout of initiatives aims to provide relief in areas where so many SMEs continue to struggle. We hope the additional support we provide will help make a difference to Hong Kong’s SME and start-up community.”

The latest aid measures include:

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

Integrated logistics support: Together with the international transport service company FedEx, and Hong Kong’s leading technology logistics platform GOGOX, Airwallex will provide discounts and cashback on various delivery and shipping options.

Marketing workshops: In partnership with Google Ads, FedEx and GOGOXAirwallex continues to offer webinars and mentorships to SMEs over the next few months to upskill businesses looking to grow their business.

Reeve Kwanco-founder of GOGOX, comments: “The road to recovery for many businesses has just begun. Over the past few years, we have been encouraged to see the continued entrepreneurial spirit of so many startups and SMEs in Hong Kong. Together with Airwallex, GOGOX will continue to support the local businesses, and also fuel their future growth via our efficient and flexible logistics solutions to fulfill various logistics needs.”

Focus on Australian SMEs

In a separate announcement from Airwallex this week, the fintech platform released findings from its first annual survey of the Australian small business ecosystem.

The Airwallex Australian Business Growth Index is the first edition of an annual series that explores a range of opportunities and challenges facing the SME sector, including growth, funding, 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 turnover. It revealed that a third of SMEs (35 per cent) in the country have already fully transitioned to digital and fintech solutions for their banking needs.

A third (34 per cent) of Aussie SMEs also say their business currently operates outside of Australia. This is set to double over the next five years, as more than two-thirds of SMEs plan to be operational outside of Australia by 2027.