The GRE is not held where I live. How badly does it reflect on me if I ask for it to be waived? I am graduating with my MSc early next year and would like to pursue my PhD in a closely related field (Stats/Financial math).

I am hoping to study either in Europe or HK/Singapore and most of the universities I hope to apply to state a GRE is required.

The GRE is not held where I live, and I'm very strapped for cash meaning that I don't really have money to spare to fly to the nearest test center and sit it. I'm wondering how poorly it would reflect on my application if I asked for a test waiver explaining this?

I have already emailed NUS in Singapore asking about this, and they said I was exempted but that it would be better if I did include it. This makes me feel that borrowing some money and doing it would be best, or I'd risk ruining my chances of getting into a good university.
It is fine to ask for a waver of admissions requirements.  Just keep in mind that the university may say no.

To increase your chances of success, clearly state why you want to enrol, why you think you are qualified, and why you need a waver.