Airwallex report: 99 percent of Hong Kong finance leaders face operational challenges from inefficient spend management

• Over 75 percent of surveyed finance leaders struggle with fragmented tools and processes, creating friction in managing global expenses.

• 95 percent of respondents report being affected by a lack of real-time visibility into spending patterns.

• 94 percent cite a lack of automation as a challenge, with 43 percent relying on manual processes for managing corporate expenses.

HONG KONG - Nearly all Hong Kong finance leaders (99 percent) admit that a lack of robust spend controls has negatively affected their operations, according to a new report released by Airwallex, the global payments and financial platform for modern businesses.

Evolving supply chains have led to an increased frequency of international vendor payments in multiple currencies. At the same time, the rise of hybrid and remote work has transformed the talent landscape, with companies now managing salaries and expense reimbursements across a global workforce.

The Airwallex Spend Management Report surveyed 200 senior finance leaders at companies headquartered in Hong Kong, highlighting the most pressing challenges in business spend and expense management as they focus on growth beyond their domestic markets.

78 percent of finance leaders say their systems are inefficient and unreliable, leading to delays, errors, and challenges in managing global expenses. Additionally, 95 percent report a lack of real-time visibility into spending patterns, making it harder to manage finances effectively.

These inefficiencies are compounded by 75 percent of respondents relying on disconnected tools to manage spending outside their home markets. This results in delays in paying invoices and bills, which can strain relationships with suppliers and employees. In fact, 41 percent of finance leaders report payment delays, while 20 percent say late payments have impacted supplier negotiations.

Meanwhile, a concerning 85 percent of finance leaders find it difficult to identify areas of overspending and non-compliance due to outdated tools, while 82 percent report that reimbursement processes are cumbersome and inefficient. This hampers day-to-day operations and complicates financial decision-making, leading to forecasting errors and budgeting missteps.

Nick Chiu, Head of Sales, SME & Growth, Hong Kong at Airwallex, emphasised the importance of modernising spend management, especially for businesses operating across borders. “Hong Kong businesses are pursuing global growth more than ever, but inefficiencies in spend management create real challenges. Adopting a unified platform is key to managing cross-border transactions and multi-currency expenses seamlessly.”

Solutions like Airwallex Spend are designed to save time, reduce friction and errors, and increase financial visibility. Airwallex Spend, a product suite including Borderless Cards, Expense Management and Bill Pay applications, is designed to reduce the time and number of tools businesses need to manage their finances. This all-in-one global platform leverages AI-powered automation and efficient infrastructure to simplify supplier payments.

One company that has adopted a unified approach for spend management is HYROX. With international operations across Europe and the Asia-Pacific region, speed and precision are key to its rapid expansion success story. Benjamin Sin, Head of Finance APAC at Hyrox, said, “Airwallex helps us approve transactions in real time, giving us complete control over our budgets. Integrating QuickBooks with Airwallex has also made our monthly reconciliations quick and seamless, empowering us to navigate international markets with confidence.”

Download the Airwallex Spend Management Report here.

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About the research

Airwallex commissioned NewtonX to survey 200 senior finance leaders at companies headquartered in Hong Kong between July and August 2024 on business spend and expense management.

About Airwallex

Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit https://www.airwallex.com.