Singapore CFO Business Optimism Falls 34 Points, the Sharpest Decline Across Nine Markets

Only 16% say they can quantify financial risk exposure in real or near-real time, while 85% cite tariffs as a significant concern

SINGAPORE--(BUSINESS WIRE)--Business optimism among Singapore CFOs fell 34 percentage points year over year, from 93% in late 2025 to 59% in 2026, the largest decline across the nine markets surveyed by Kyriba. At the same time, only 16% of Singapore respondents say their organisations can quantify financial risk exposure in real time or near real time. The findings reveal a widening gap between awareness of risk and the ability to assess its financial impact quickly enough to respond.

The findings from Kyriba’s CFO Risk Radar 2026 are being released as more than 300 treasury and finance leaders gather at KyribaLive Exchange Singapore today to discuss financial risk, resilience and the changing role of treasury across Asia-Pacific.

Singapore recorded the sharpest reversal in confidence among the nine markets surveyed: France, Germany, Italy, Japan, Mexico, Singapore, Spain, the UK and the US. Business optimism, measured as the share of respondents reporting a positive business outlook, fell from 93% in late 2025 to 59% in 2026.

Economic optimism also fell, from 90% to 61%, a decline of 29 percentage points. Singapore moved from being the most optimistic market in the survey at the end of 2025 to one of the least optimistic six months later. The shift comes as Singapore faces a more uncertain global trading environment. The survey was conducted between 26 May and 9 June, before the United States imposed a new 12.5% tariff on 24 July under Section 301 of the US Trade Act.

The tariff is expected to affect about one-third of Singapore’s exports to the US, worth approximately S$9.5 billion (US$7.4 billion), according to Singapore Trade Minister and Deputy Prime Minister Gan Kim Yong, as reported by Reuters. The affected categories include optical instruments and chemical products, while certain electronics, aerospace products, semiconductors, pharmaceuticals, energy and energy products are exempt.

Even before that announcement, 85% of Singapore CFOs cited tariffs as a significant concern, the highest country-level result recorded in the survey. Mexico followed at 83%.

High concern is not the same as high readiness

Singapore’s finance leaders are not short of warning signals. The more practical question is whether they can quantify the consequences quickly enough to act. Only 16% say they can quantify the financial implications of an emerging external risk in real time or near real time. The largest group, 29.7%, say they need up to a full week.

Once a risk has been identified, only 15.8% say they can adjust financial strategy on the same day. The majority require between two days and a full week to respond.

"Singapore's finance leaders aren't lacking awareness of risk; they're lacking the visibility needed to respond with confidence," said Aidan McDonald, Vice President of Sales, APAC, Kyriba. "The challenge isn't recognising that markets have become more volatile. It's understanding, in real time, what that means for cash, liquidity and financial performance. Finance teams shouldn't have to choose between moving quickly and staying in control."

For one of the world’s most trade-dependent economies, the implication is direct: when tariffs, market volatility or other external shocks move quickly, most finance teams may not yet be able to quantify the effect on cash flow, margins, working capital and liquidity at the speed required. 78.2% of Singapore respondents reported experiencing some degree of financial impact in the past 12 months in connection with inadequate risk visibility or a delayed response to an emerging risk.

"In an increasingly volatile market environment, treasurers need to assess risks early, ensure sufficient liquidity for operational needs and make proactive decisions to manage financial risks. At Mapletree, this discipline is critical to maintaining financial resilience and responding confidently as market conditions evolve,” said a spokesperson from Mapletree, winner of the APAC Kyriba Excellence Award, recognized as customer of the year in the region.

About the research

The findings are being discussed at KyribaLive Exchange Singapore, where treasury and finance leaders from Singapore, India, Australia, Hong Kong and across Southeast Asia are exploring how organisations can close the gap between financial risk awareness and real-time decision-making.

The CFO Risk Radar 2026 surveyed CFOs and senior finance leaders at organisations with revenues exceeding US$500 million across nine global markets between 26 May and 9 June 2026: France (n=250), Germany (n=100), Italy (n=100), Japan (n=101), Mexico (n=101), Singapore (n=100), Spain (n=100), UK (n=251) and USA (n=251). Year-on-year comparisons reference Kyriba's late 2025 CFO Risk Radar survey (N=1,400), conducted using identical question wording and methodology.

Explore the full findings: kyriba.com/risk-radar/

About Kyriba

Kyriba is the global leader in liquidity performance, trusted to transform how CFOs, Treasurers and IT leaders connect, protect, forecast and optimize their liquidity amid economic complexity.

As a secure, transparent and scalable SaaS solution trusted by 4,000 customers across 170 countries, Kyriba delivers governed intelligence and financial automation through innovative technologies, including its trusted agentic AI (TAI), bringing precision, efficiency, and confidence to financial operations.

With an expansive ecosystem of banking, technology and consulting partners, Kyriba’s platform powers 3.6 billion bank transactions and $51 trillion in payments across 10,000 banks annually, helping companies gain enterprise-wide visibility, ensure financial stability, and outperform their business strategy.