In today’s globalized business wave, the field of cross-border payments is constantly ushering in new development opportunities and breakthroughs.
On April 20, a piece of eye-catching news spread in the cross-border payment industry. The cross-border payment service provider EBANX announced that it has added business in five countries: Thailand, Indonesia, Malaysia, Vietnam, and Turkey.
This move undoubtedly adds a significant dimension to its layout in the Asian market.
Superimposed on its original Indian and Philippine markets, EBANX’s business has now successfully covered seven Asian economies.
The overall digital e-commerce market composed of these seven economies is extremely large, reaching US$610 billion.
This fully demonstrates EBANX’s emphasis on the Asian market and its firm determination to expand business in the region.
The newly added markets in the five countries contain huge consumption potential, with a consumer population of 386 million.
It is predicted that in the next ten years, the consumption scale of these markets is expected to increase by 97%.
Such strong growth expectations provide broad space for EBANX’s further development.
Previously, EBANX had established its Asia-Pacific headquarters in Singapore and successfully obtained a major payment institution license in Singapore.
This series of actions shows that the company’s strategic layout in the Asia-Pacific region is well thought out and methodical.
At present, the business in Indonesia, Thailand, and Turkey has been officially launched, while the business in Malaysia and Vietnam will also be launched in the next quarter.
It is worth noting that in these new business areas, local payment methods have their own characteristics.
Mainly electronic wallets and transfers between accounts, and the penetration rate of bank cards is relatively low.
This brings certain challenges to cross-border payments because the local payment system is relatively fragmented.
However, with its strong strength and rich experience, EBANX will integrate more than 20 payment methods in the region, covering wallets, bank transfers, scan code payment, card organization payment and other types.
In this way, EBANX can effectively solve the problem of fragmented local payment systems, provide cross-border merchants with more convenient and efficient payment collection services, and meet their needs for overseas payment collection.
For China’s foreign trade companies, this business expansion of EBANX is undoubtedly good news.
As its business in the Asian market continues to expand, the sales and collection of Chinese goods in these regions will become smoother.
This will help Chinese foreign trade companies further explore the Asian market, sell more high-quality goods to the world, and promote the sustainable development of China’s foreign trade industry.
At the same time, EBANX will also play a more important role in the field of cross-border payments and promote the prosperity and development of international trade.
