On March 28, 2025, the Malaysian bus operator HI Mobility Bhd. is set to begin trading, marking a significant milestone in the transport sector as it capitalizes on the increasing traffic at the Singapore border. This development comes amid a broader digital payments revolution in Singapore, where the rise of digital wallets is reshaping how businesses handle cross-border transactions.
HI Mobility Bhd., the largest cross-border bus operator in both Malaysia and Singapore, has successfully raised 116 million ringgit (approximately $26 million) in its initial public offering (IPO). This IPO values the company at $137 million, positioning it well to leverage the growing demand for cross-border travel.
The surge in traffic at the Singapore border is a key factor driving HI Mobility's growth strategy. As travel restrictions ease and economic activity ramps up, the company is optimistic about its prospects in a sector that has seen fluctuating demand over the past few years.
Meanwhile, Singapore is experiencing a transformative shift in its financial landscape, driven by the adoption of digital wallets. According to a recent report titled "Global Money Movement: Singapore Edition," a collaboration between PYMNTS Intelligence and TerraPay, the use of digital wallets is rapidly changing the way consumers and businesses approach cross-border payments.
Despite the momentum behind digital wallets, a noticeable gap in consumer awareness remains. Many consumers still rely on traditional payment methods, which presents both a challenge and an opportunity for the future of digital payments in Singapore. The report highlights that merchant readiness for digital wallets is outpacing consumer familiarity, indicating a need for greater education and outreach.
Speed is identified as a major driver of digital wallet adoption in Singapore, as these platforms offer quicker and more efficient payment solutions. However, security concerns linger, potentially hindering broader consumer uptake. Addressing these issues will be crucial for unlocking the full potential of digital wallets in the region.
The generational divide in digital wallet usage is another interesting aspect of this shift. Younger consumers are leading the charge in embracing this technology for cross-border payments, suggesting that as these consumers mature, the demand for digital wallet solutions could increase significantly.
In the survey conducted for the report, 2,757 consumers in Singapore were questioned about their experiences and preferences regarding digital wallets. Among them, 777 had made cross-border payments in the previous year, reflecting a growing trend towards digital solutions for international transactions.
Additionally, a separate survey of 89 business owners and leaders at small and medium-sized businesses (SMBs) in Singapore, which took place between September 4 and October 14, 2024, revealed that these firms generated annual revenues of up to $10 million in 2023. This demographic is increasingly turning to digital wallets for cross-border payments, further underscoring the need for enhanced consumer education and support.
As HI Mobility Bhd. begins trading, it symbolizes more than just a successful IPO; it represents the intersection of transportation and digital finance, highlighting how different sectors can benefit from the evolving landscape of cross-border transactions. With the growing demand for efficient travel solutions and the ongoing digital payments revolution, both HI Mobility and the broader financial ecosystem in Singapore are poised for significant growth.
In summary, the launch of HI Mobility Bhd. on the Malaysian stock exchange coincides with a pivotal moment for Singapore’s digital payments landscape. The interplay between increasing cross-border traffic and the rise of digital wallets presents a unique opportunity for both sectors to thrive. Stakeholders in the transport and financial industries will need to collaborate closely to address consumer concerns and maximize the potential of these emerging technologies.
