Digital trade possibilities in Asia Pacific looking positive according to Deloitte report

A new report from Deloitte has researched the possibilities of digital trade in Asia Pacific. Their analysis is that this market has a strong potential for growth in the future. The reason for this predicted growth is seen to be associated with the rise in micro-multinational businesses (mMNEs). You can see more about the report here.

Digital trade possibilities in Asia Pacific looking positive according to Deloitte report

We have seen a lot of financial innovation emerge out of the Asian markets, and this report suggests that this trend is set to continue. This report looks in particular at mMNEs. This are not SMEs, nor are they massive global entities yet, instead they sit in-between those two ends of the business spectrum. mMNEs are often defined as less than 100 employees, but whom are active and trading globally in  more than two markets. For businesses like this, with foreign markets, different clients, and often languages and cultures to navigate too, it is essential to be able to handle digital payments and sales as smoothly, painlessly, and fraud-free as possible.

The mMNEs sector is a highly significant one as they provide over 85 percent of the Asian Pacific’s e-commerce activities across different countries. The report is a timely one as the Regional Comprehensive Economic Partnership (RCEP) is going to commence in January. This will create a significant and large free trade area which will be interesting to watch after a reigning in of free trade enthusiasm in other parts of the world. This part of the world has already been extremely pro-active in terms of the roll out of 5G and it is highly likely that, combined with an increased ease of payments, it could prove to be an irresistible combination as these mMNEs look to further grow their businesses.

One example of the companies mentioned is WorldFirst, who have grown quickly in this sector as they look to support and make it as easy as possible to make cross-border payments. Initially targeting businesses in Asia with the logical large players in China, Korea and Japan. This strategy has enable them to already gain over 40% of market share. Anyone who can deliver quick, low fee payment solutions will do well, and WorldFirst are grown as an in-demand e-payment platform in Southeast Asia.

You can read the full report here and see more Asian related stories here.