Airwallex, a global payments and financial platform, has reported a significant increase in its customer base in Hong Kong, with a 79 percent year-over-year growth in the first quarter of 2024.

Reflecting this growth, Airwallex Hong Kong saw a 108 percent year-over-year revenue increase for the first quarter 2024. Transaction volume also rose by 86 percent, indicating a strong demand among Hong Kong businesses for international operations.

Arnold Chan, Asia General Manager of Airwallex, noted the acceleration of digital technology adoption in Hong Kong, contributing to the city’s economic progress and the growing number of businesses seeking financial services and payment support from Airwallex.

“As a thriving business hub in Asia, Hong Kong has continued to accelerate digital technology adoption, positioning it as a driving force for the city’s future economic progress. This is evident in the growing number of businesses turning to Airwallex to support their financial services and payment needs,”

said Arnold.

Airwallex’s initiatives, such as the Go Global campaign, SME Initiatives, and the Airwallex for Startups programme, have supported nearly 6,000 Hong Kong SMEs. The company aims to equip organisations with the support needed to expand internationally.

The Hong Kong edition of Airwallex’s eCommerce report highlights the demand for digital payment solutions and the importance of a seamless cross-border customer experience.

According to the report, 77 percent of Hong Kong consumers consider international merchants trustworthy, compared to the global average of 61 percent.

Additionally, 70 percent of Hong Kong consumers plan to increase their purchases from overseas merchants in 2024, compared to the global average of 54 percent.

Pricing in local currencies influences purchase decisions for 93 percent of consumers globally, including those in Hong Kong, and 72 percent of Hong Kong consumers are likely to abandon their cart if their preferred payment method is not available at checkout.

“Global eCommerce is on an unstoppable trajectory, and it’s clear that consumers in Hong Kong and worldwide are seeking more seamless, transparent, and personalised solutions. As the industry progresses, businesses must be ready to innovate and streamline their payment infrastructure to meet their customers’ expectations,”

said Arnold.

Featured image credit: Edited from Airwallex