A new report from Metacomp, a Singapore-headquartered digital assets provider, reveals that systemic inefficiencies in global fund flows are creating a staggering US$6.2 trillion opportunity gap, severely hindering the growth and survival of small and medium enterprises (SMEs) across Southeast Asia.
The firm, regulated by the Monetary Authority of Singapore (MAS) and focused on cross-border FX and digital assets infrastructure, published its whitepaper, Cross-Border Payments for SMEs: Voices in ASEAN and the Rise of Stablecoins, which diagnoses critical structural flaws in current settlement systems. Crucially, the study argues that stablecoins have moved beyond marginal status and must now be integrated as essential infrastructure to provide faster, fairer settlement.
Also Read: How stablecoins are quietly reinventing the global dollar system
The findings are set to reshape the dialogue around how tech solutions can address the disadvantages faced by SMEs. These companies play a central role in regional trade but remain excluded from efficient global infrastructure.
The US$6T problem: Costing ASEAN SMEs survival
The whitepaper identifies five key inefficiencies, pointing out that daily global FX trading volumes exceed US$7.5 trillion, yet blockchain-based settlements account for less than five per cent annually. This imbalance defines the US$6.2 trillion opportunity gap where SMEs are systematically excluded from fast settlement rails.
The financial toll on smaller businesses is acute, with delays proving more destructive than explicit fees. Key data points highlight the immediate threat to SME margins:
- Delay costs erase value: Each day of settlement delay costs SMEs between 0.6 per cent to 2.1 per cent of the transaction value.
- Revenue collapse: SMEs profiled reported lost contracts and devastating revenue drops of up to 50 per centwhen essential funds failed to arrive on time.
- Disproportionate fees: Smaller firms routinely pay 15 to 30 per cent in fees on cross-border transactions–a punitive cost when large corporates benefit from negotiated, preferential pricing.
“Every day of delay erodes SME value,” stressed Eddie Hui, Co-President and COO of MetaComp. “This is not about marginal cost savings, it is about survival and growth”.
Stablecoins transition from margin to mainstream finance
The report provides unique insight into how digital payment rails already carry systemic financial implications, noting that stablecoin flows are no longer marginal. These flows can now influence US Treasury yields by 2 to 8 basis points, underscoring their growing importance to global financial markets.
Dr Ben Charoenwong, Associate Professor of Finance at INSEAD, commented on the gravity of the structural disadvantages facing businesses: “SMEs face challenges that go beyond transaction fees. Settlement delays erode working capital, regulatory fragmentation creates uncertainty, and volume-based barriers exclude growing businesses from efficient infrastructure. These structural issues must be addressed if SMEs are to participate fully in global trade”.
The study frames the evolution of cross-border payments in three distinct phases:
- Stage I (traditional/SWIFT): A USD-centric model with significant settlement delays of two to seven days.
- Stage II (Web 2.5/today): The current transition phase marked by the emergence of stablecoins and the development of hybrid infrastructure that blends regulatory compliance with blockchain programmability. MetaComp operates within this stage.
- Stage III (Future/sovereign stablecoins): A future decentralised ecosystem where national stablecoins exchange directly via blockchain, ensuring point-to-point transfers in a multi-polar world while maintaining regulatory oversight.
Adding complexity, scale barriers and fragmented regulatory regimes–such as the varying travel rule thresholds (from €0 in the EU, SGD 1,500 in Singapore, to US$3,000 in the US)–further exclude SMEs from accessing necessary efficient infrastructure.
Closing the gap with hybrid infrastructure
MetaComp maintains that the immediate solution lies in developing a hybrid infrastructure capable of delivering “Stage II” settlement today, while building the foundations for “Stage III”.
Also Read: How stablecoins are disrupting traditional financial systems
To address these inefficiencies, MetaComp has launched StableX. StableX is an institutional-grade cross-border FX and liquidity routing platform designed to bridge digital and traditional finance. It leverages stablecoins and USD to optimise multi-currency conversions and settlements intelligently.
Crucially for SMEs operating in ASEAN, StableX delivers same-day (T+0) settlement across 30 currencies and six major stablecoins.
Tin Pei Ling, Co-President of MetaComp, concluded that reliable infrastructure is key for regional growth: “SMEs remain at the heart of ASEAN’s economies, yet too often they face barriers that slow growth and limit opportunity. What they need is confidence that payments will be fast, compliant, and reliable across borders. At MetaComp, our focus is on closing this gap with solutions such as StableX that combine innovation and regulation to deliver faster, fairer settlement.”
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