16 JUNE 2020: Latest research from global, data-driven insights provider RFi Group is showing severe negative impacts to business sentiment across multiple Asia markets during the evolving COVID-19 pandemic, as well as more concerning emerging trends for businesses and the banks who support them.

Key Factors Across Asia

  • In Mainland China 38% of businesses are seeking reassurance on bank stability and security of their funds
  • In Singapore 43% are seeking a reduction in their merchant fees​
  • 38% of Indonesian businesses need help to complete tasks away from the branch
  • In Malaysia 37% want temporary discounted interest rates on loans
  • 38% of businesses in Hong Kong want access to short term credit
  • And 25% of Thai businesses want deferral of card and loan payments

In June 2020, RFi Group released data showing that COVID-19 is causing huge statistical spikes in SME and Mid-Market business behaviours across Asia, many showing a steep decline in business sentiment.

Global financial insights from RFi’s ‘New Normal’ study, are based on interviews with 36,000 consumers, 18,000 businesses and 4,000 merchants in April and May 2020, across 18 key markets. The research tackles issues such as the impact of C-19 on customers’ financial behaviours and what customers are looking for from their banks and payment providers.

RFi Group Managing Director for Asia, Eleanor Page said; “Business sentiment is slumping across Asia, with close to half showing a significant decline as a result of the COVID-19 pandemic. As the impact of the changed economic environment starts to negatively impact on businesses across the region, RFi’s most recent findings highlight the important role banks have in supporting businesses to help economies recover.”

She continued “Due to current global issues, Asia businesses – particularly the SMEs – are clearly feeling the strain. Our latest data reveals why some countries are more impacted than others, and the needs and expectations that businesses have of their banks across key segments and industries. Despite the downturn there is opportunity for  the business banking industry, commercial card issuers, and non-bank FIs to know where their customers stand, what they need and  then address them with the right products, channels and solutions.”

Eleanor Page is available for immediate comment.

For Media Interviews please contact:
Chloe James
Group Director of Media & Communications
RFi Group
+1 437 221 4905

For more on this research - please follow this link.