Connect with us

Technology

Singapore SMEs expect to face multiple business challenges in 2025, with over half expecting AI to significantly impact business productivity, finds QBE Singapore annual SME survey

Published

on

Two-thirds of survey respondents say increased costs and reduced profitability is a challenge, with over half seeing reduced customer spending and financial challenges.To meet these issues, most are rolling out a variety of measures, including the deployment of artificial intelligence (AI) to bolster business productivity.While AI is having a positive impact, risks loom, say one-third of respondents. Exacerbating these concerns, Singapore SMEs are less informed about cyber risks, with knowledge in this area declining over the past year.SMEs are spending less on cyber insurance despite a rise in the number of cyber events experienced by these businesses.

SINGAPORE, Feb. 17, 2025 /PRNewswire/ — QBE Insurance today announced key findings from its annual QBE Singapore SME Survey. Conducted between December 2024 and January 2025, 600 decision-makers gave their views on a wide range of business risks and opportunities, including the impact of artificial intelligence and cyber risks, and their readiness for insurance digitalisation.

Foremost among this year’s findings is how today’s top business challenges are being acutely felt by many more Singapore SMEs than before. This year, two-thirds (66%) of survey respondents find increased costs and reduced profitability their number one business challenge, versus just half last year. Likewise, 56% are concerned with growing sales and reduced customer spending today, compared to 40% 12 months ago. Regarding company finances in areas like managing cash flow and access to funding, 51% are experiencing difficulties, in comparison to 36% found in 2024’s survey.

Accordingly, the economic outlook for the next 12 months is less positive than a year ago. Only 52% of respondents believe this year will be better than the past 12 months, versus 60% last year. Some 70% feel that increasing operating costs will impact the economy negatively, while 60% feel rising inflation and a GST increase will also impact the economy. SME executives are similarly downbeat about the performance of their respective businesses: in the 2024 survey, 62% of respondents believed sales during the ensuing year would be better, compared to 55% this year.

“While there is much concern over the state of the economy and their own prospects in the future, businesses aren’t standing still,” said Shun Quan Goh, Head, Underwriting, Retail & SME, QBE Singapore. “The proportion of respondents taking action to tackle today’s conditions has increased. This is notably the case with cost control, diversification of customer base, and business streamlining — some 70%, 49%, and 40% of respondents having acted on these fronts to ensure business viability.”

SMEs adopting AI in business productivity drive

Over half (52%) of respondents said AI has a significant impact on business productivity, up from 49% a year earlier. Of note, 55% of survey respondents don’t believe AI will replace jobs in their respective companies.  

While SMEs are upbeat about the current and future trajectory of AI, they are also wary of the risks the technology poses. Some 34% said it presents a threat to business activity — up from 30% last year.

Concern for the top AI risks among SME professionals is significantly more widespread than in previous years. The threat of AI replacing jobs was cited by 68% of respondents, versus just 17% last year — around 25% of Singapore SMEs foresee jobs in customer service, finance and accounting to be fully replaced by AI within three years, while 22% expect roles in routine manual work and labour-intensive tasks to be fully replaced after six years. In addition, 66% of SME leaders have AI-related privacy concerns in contrast just 10% in 2024; and 51% are anxious about AI-linked security breaches, compared to 15% a year earlier.

While awareness of the pitfalls of AI is on the rise, knowledge of cyber risks is declining: just 40% of Singaporean SMEs believe they are fully informed of the risks, down from 47% a year earlier. This may be one reason behind the proportion of businesses experiencing a slight increase in cyber events, from 25% to 27% year-on-year.

SMEs are actively seeking solutions to meet cyber threats across a wide range of measures. However, these don’t include insurance, where the proportion of businesses covered has dropped from 38% to 36%. Of the 68% of respondents who do not have any form of cyber insurance, 51% would consider purchasing it, while 15% would categorically not consider it. The top reasons behind this stance include cost; the fact that their business doesn’t store data; and the perceived low impact of such events on their businesses.

“While local SMEs are aware of their knowledge gap on cyber risks, they are still not compelled to purchase insurance, on the basis of cost control. Though a worrying trend, given increased technology dependencies, we believe insurers like us can still add value to the SME community by providing tools that assist them with risk mitigation in the current cyber risk landscape,” added Mr. Goh.

An omnichannel customer experience is still preferred

Despite cyber concerns, an omnichannel customer journey that fuses offline and online touchpoints remains the preferred purchasing option by Singapore SMEs. In line with last year’s survey findings, some 65% prefer buying offline (2024: 66%), while 35% prefer online (2024: 34%). In the offline space, use of agents as the preferred channel is up (2025: 29%; 2024: 27%), while the use of broker (2025: 13%; 2024: 16%) and bank (2025: 10%; 2024: 14%) channels are both down. In the online area, online-direct is up (2025: 22%; 2024: 18%), yet the online-aggregator channel is down (2025: 13%; 2024: 16%).

Notably, reliance on agents and brokers across the end-to-end insurance buying journey has increased across all touch points, except when asking questions. As such, 73% of SMEs prefer an insurance package tailored to their unique needs, covering multiple business risks — while 27% want individual products that cover specific business risks.

“Businesses that are able to successfully upskill their current workforces with the abilities to operate and oversee AI will reap the many rewards the technology offers now and in the future. The proliferation of AI is not about replacing people with machines, but rather, about adapting our workforces to meet this new paradigm,” said Ronak Shah, CEO of QBE Singapore. “That SMEs continue to embrace an omnichannel buying experience underscores how policyholders acknowledge that the future of conducting business is humans harnessing technology – transforming both insurance and customer experiences, and the risks as well as benefits associated with its usage.”

Appendix: Singapore-Hong Kong SAR SME survey: Business outlook summary

For results of a similar survey conducted with Hong Kong SMEs, please visit this link.

2025 vs. 2024 results

Singapore

Hong Kong SAR

Top 5 business challenges

(2025: 2024)

1)      Increasing costs / reduced profitability (66% : 50%)

2)      Sales growth / reduced customer spending (56% : 40%)

3)      Finances (cash flow, funding, investments, forex etc.) (51% : 36%)

4)      Growing the business (50% : 36%)

5)      Increasing competition (50% : 39%)

1)      Increasing costs / reduced profitability (59% : 40%)

2)      Staff acquisition and retention / labour shortage (50% : 39%)

3)      Finances (cash flow, funding, investments, forex etc.) (49% : 34%)

4)      Economic uncertainty and financial resilience / economic downturn (47% : 30%)

5)      Shortage of orders / business decline / closing down (46% : 33%)

 

Top 5 business concerns

(2025: 2024)

1)      Cost of running the business (62% : 39%)

2)      Getting new customers / keeping customers (55% : 37%)

3)      Long-term profitability (53% : 34%)

4)      Cost of staff (48% : 33%)

5)      Possible economic downturns in Singapore or other countries (48% : 29%)

1)      Cost of running the business (46% : 35%)

2)      Possible economic downturns in Hong Kong or other countries (41% : 27%)

3)      Long-term profitability (39% : 30%)

4)      Shifting to a sustainable business model (39% : 30%)

5)      Consolidating services (39% : 33%)

Business outlook

(2025 : 2024)

Economic confidence

•         Better (52% : 60%)

•         Unchanged (26% : 22%)

•         Worse (22% : 18%)

Business sales outlook

•         Increase (55% : 62%)

•         Unchanged (29% : 25%)

•         Decrease (17% : 13%)

Economic confidence

•         Better (64% : 70%)

•         Unchanged (19% : 14%)

•         Worse (17% : 16%)

Business sales outlook

•         Increase (65% : 70%)

•         Unchanged (21% : 20%)

•         Decrease (14% : 10%)

About QBE Singapore

Present in Singapore for more than a century, QBE Insurance (Singapore) Pte Ltd, a general insurance and reinsurance company, is the Republic’s oldest registered Australian company.

Established in 1891, QBE Singapore is a trusted provider of specialist expertise and professional insurance services. Our insurance specialists develop leading-edge products that are client-focused, delivering cover tailored to deal with everything from complex risks to more simple and straightforward insurance needs.

QBE Insurance (Singapore) Pte Ltd is part of the QBE Insurance Group which is listed on the Australian Securities Exchange and headquartered in Sydney. To learn more about QBE Singapore, please visit www.qbe.com/sg

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/singapore-smes-expect-to-face-multiple-business-challenges-in-2025-with-over-half-expecting-ai-to-significantly-impact-business-productivity-finds-qbe-singapore-annual-sme-survey-302377011.html

SOURCE QBE Singapore

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo

Published

on

By

YIWU, China, July 24, 2026 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. The final whistle may have blown on the World Cup, but the intense heat gripping the Northern Hemisphere shows no sign of letting up. Europe has experienced unusually hot weather this year, sparking not only a surge in demand for air conditioners but also a boom in portable handheld fans. Merchants on Yiwugo say that in previous years, European customers would begin placing orders in March or April and take their time completing their annual procurement. This year, however, the purchasing season has stretched well into summer, with a flood of new buyers coming in, most of them looking for small handheld fans. With customers eager to capitalize on the peak summer season, delivery timelines have also become significantly tighter. Whereas orders in previous years could generally be fulfilled within a month, merchants are now frequently being asked to deliver within about a week, leaving manufacturers scrambling to keep pace with demand.

Lingpan Official Flagship Store has specialized in the production and sales of small fans, insulated cups, and related products for 15 years. This summer, demand from European customers for high-speed small fans has risen sharply, accompanied by urgent delivery requirements. Many customers began requesting shipment just one week after placing their orders, hoping the products would arrive in time for the World Cup and the ongoing heatwave across Europe. One long-standing European customer purchased only five models of small fans from Lingpan last year. Anticipating stronger demand ahead of this summer, the customer expanded the order to 10 models. The first shipment sold out soon after arriving at port, prompting several subsequent repeat orders. European buyers have shown particular interest in high-speed cooling fans and placed great requirements on product quality. So far this year, Lingpan’s fan sales have more than doubled compared with the same period last year, with total purchases reaching approximately RMB 1 million.

Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.

Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.

Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.

In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.

Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.

View original content to download multimedia:https://www.prnewswire.com/news-releases/northern-hemisphere-heat-drives-demand-for-cooling-and-sun-protection-products-on-yiwugo-302833166.html

SOURCE Yiwugo.com

Continue Reading

Technology

Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects

Published

on

By

SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.

Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.

“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”

Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:

Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.

With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.

Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.

Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.

Learn more and apply for a grant at benchmarks.snorkel.ai.

About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes. 

media@snorkel.ai

View original content to download multimedia:https://www.prnewswire.com/news-releases/snorkel-ai-highlights-first-wave-of-open-benchmarks-grants-projects-302833805.html

SOURCE Snorkel AI

Continue Reading

Technology

Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year

Published

on

By

Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.

TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.

The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.

Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house. 

That platform rests on three proprietary pillars:

Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.

The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.

“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”

“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”

The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.

About Payzli

Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.

Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).

View original content to download multimedia:https://www.prnewswire.com/news-releases/payzli-vaults-to-no-3-on-tampa-bays-fast-50-up-from-no-22-in-one-year-302834198.html

SOURCE Payzli

Continue Reading

Trending