In a new report from PayPal, Singapore's online users are spending more on eCommerce by buying more goods and services from overseas while online merchants in the region claim sales increases too.
Due to the Singapore dollar being strong recently, shoppers have spent 14 per cent more in 2012 than a year ago in online American stores.
The same can also be said with China's online stores, with PayPal reporting an increase of 15 per cent.
The real heavy hitters for Singapore's online overseas purchases comes from Japan (which has seen an increase of 35 per cent), Britain (32 per cent increase) and Australia (32 per cent increase).
Interestingly, Pay Pal didn't disclose the actual amount of trade happening online in Singapore, but it did point out that growth rates through PayPal are 3.2 per cent higher in imports than what the Singaporean government announced.
It's also worth noting that the growth of mCommerce in China has improved significantly, could it be pointing to something happening in the region?
Globally PayPal processed a staggering $145 billion of payments in 2012 – with cross-border trade accounting for 25 per cent of that.
Naturally, PayPal want to expand upon this and reach out to more Far Eastern countries and regions, all while targeting the small merchant in the process to help them deal with payments effectively. Because of this they've rolled out PayPal Here into Japan and other territories.
Are you surprised by the high rate of online sales taking place in Singapore?
What would you put the eCommerce boom down to in the region?
The payments space in Asia is changing dramatically, nobody is really sure what may come next for the region as new technology is rolled out everywhere. One thing's for sure though, at Cards & Payments Asia 2013 the future of retail will be a hot topic of discussion as industry gurus dole out their thoughts and opinions on the matter. You can download a brochure for free to find out more.