Large corporates and MNCs drove this volume, as non-bank players gain share from banks in B2B payments.

Large corporates and multinational corporations in Singapore channeled SGD 24.5 billion through non-bank payment institutions in 2024, a figure that crystallises the accelerating shift of high-value B2B cross-border flows from traditional banks to agile, digital-first providers. While banks still handle the vast majority of global B2B cross-border payments, non-bank players are consistently taking share, and Singapore—as Asia’s premier financial hub for treasury operations—offers an early indicator of where the broader market is headed.

The Scale of Non-Bank Corporate Cross-Border Payments in Singapore

In 2024, large corporates and multinational corporations in Singapore accounted for SGD 24.5 billion in cross-border payments executed via non-bank institutions. This volume signals that non-bank providers are no longer confined to SME or remittance segments; they are winning mandates from blue-chip treasury departments.

Globally, large enterprises dominated the cross-border payments market in 2024, according to Grand View Research. These firms deploy dedicated payment platforms, multi-currency accounts, and integrated liquidity pools; their cross-border volumes are growing faster than those of smaller companies. The business segment—which includes B2B transactions, cross-border e-commerce by merchants, and shareholder transfers—led market share and is projected to maintain a significant compound annual growth rate through 2030.

The financial institutions segment alone is estimated to capture 37.5% of the cross-border payments market by 2035, per Research Nester, underscoring the central role banks still play in currency clearing and correspondent banking. Yet the non-bank share is expanding: FXC Intelligence’s 2024 banking report notes that while banks hold the vast majority of B2B flows, non-bank players are taking much of their new business from banks rather than from other non-banks. In Singapore, the SGD 24.5 billion figure represents a measurable slice of a B2B market in which banks remain dominant but face mounting competition.

Why Large Corporates Are Turning to Non-Bank Providers

Large enterprises demand capabilities that non-bank platforms now routinely deliver: dedicated payment portals, multi-currency virtual accounts, and ERP integrations for automated reconciliation. Traditional banks have responded with modernisation efforts. HSBC launched its Global Wallet platform for corporates in November 2024, enabling instant international payments in multiple currencies from a single account. NTT DATA introduced Global Payment Gateway 2.0 in February 2024, embedding AI-driven fraud monitoring and FX optimisation tools. Banks are also upgrading infrastructure via SWIFT GPI and ISO 20022 messaging to improve transaction tracking and processing efficiency.

However, the speed of adoption by non-bank platforms often outstrips bank-led innovation. SBI Remit expanded blockchain-based remittance services to the Philippines and Vietnam in April 2024, reporting a 19.3% increase in cross-border transaction volume, driven largely by Japanese SMEs employing foreign labour. Such blockchain-based settlement rails reduce settlement times from days to near-instant and cut intermediary costs—advantages that resonate with corporate treasurers managing high-frequency, multi-currency flows.

The shift is structural. Banks’ dominance in B2B cross-border payments is “unparalleled in any other area of cross-border payments,” according to FXC Intelligence, but that dominance is eroding. Non-bank players now compete directly on service quality, speed, and cost transparency for the same large-client relationships.

Cost and Transparency Trends in B2B Cross-Border Payments

Cost remains a decisive factor in provider selection. The global average cost of B2B cross-border payments stood at 1.6% of transaction value in 2024, the lowest among all use cases and the closest to the G20’s 1% cost target, according to the Financial Stability Board’s October 2024 annual progress report. By comparison, the average cost for B2P payments was 2.0%, for P2B payments 2.0%, and for P2P payments 2.6%. These figures show B2B as the most cost-efficient corridor, but with no use case yet meeting the G20 target.

Average Cost (%) (% of transaction value)Source: Orionmano Industries

Transparency, another G20 priority, is also improving. About 56% of retail payment services globally disclosed both total cost and speed to end-users in 2024, per ACI Worldwide. Corporate (B2B) transfers saw similar gains in fee transparency, driven by the adoption of open APIs and tracking portals that allow businesses to monitor payment journeys in real time. Regulatory momentum under the G20 roadmap, targeting 100% disclosure of total cost and payment tracking information, is expected to continue pressuring incumbents and non-banks alike to make pricing and speed explicit.

Outlook: The Bank vs. Non-Bank Dynamic in Corporate Cross-Border Payments

The competitive landscape will continue tilting toward digital, multi-currency platforms that align with large-enterprise treasury demands. Non-bank players are taking share from banks in B2B payments, and that trend shows no signs of abating. Banks, for their part, are rationalising their client bases to focus on profitability. Standard Chartered, reporting its first cross-border income strategy in 2024, targets 70% of its Corporate and Investment Banking income from cross-border in the medium term, up from 61% in FY2023. To achieve this, it plans to exit roughly a quarter of the segment’s clients that do not align with its cross-border focus.

Banks are also investing in instant payment systems and partnerships—linking SWIFT GPI with domestic instant-payment rails, adopting ISO 20022, and launching digital wallets for corporates. These moves aim to preserve the large-client relationships that generate the highest cross-border revenue. But as non-bank platforms scale and meet institutional requirements for multi-currency accounts, ERP integration, and real-time settlement, the competitive floor will rise.

Regulatory pressure for cost reduction and transparency will persist. The G20’s 1% cost target remains unmet across all use cases, and the 2024 data showed slight cost increases in several corridors. Continued regulatory focus will likely accelerate adoption of digital rails and further erode the structural advantages banks hold in B2B flows. For large corporates in Singapore—a jurisdiction that has actively fostered non-bank payment innovation—the SGD 24.5 billion figure is not an outlier; it is the leading edge of a market in transition.