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Here’s how businesses can transform their digital payment capabilities in a booming internet economy

Home to some of the world’s fastest-growing economies, Southeast Asia is now seen as the place “where the action is”.

Southeast Asia attracted record levels in foreign direct investments, to the tune of $149 billion according to the 2019 World Investment Report by UNCTAD. The growth of multiple industries together with the rapid digitization efforts by several economies in the region underpinned the growth in investments for the third consecutive year, the report said.

While the region continues to be a favored destination for investments, expanding into this vibrant region brings with it a myriad of challenges.

One thing that businesses have to get right is the payment settlement infrastructure. To have funds transferred across geographies without hassle is key, whether this is to pay suppliers or simply to be paid by customers of one’s e-commerce store.

A big challenge here is the massive fragmentation in the market. How does one go about connecting to the various ecosystem players in each country, let alone the entire region?

Here are some insights into how partnering with a trusted cross-border financial settlement network can help businesses venture into new markets in Southeast Asia.

How does one go about connecting to the various ecosystem players in each country, let alone the entire region?

A regulated network for instant payments

E-commerce, payments and ride-hailing smartphone applications to the likes of WeChat, Grab and Gojek are vying to be the leading “super app” in the region.

With a booming internet economy and digital payments expected to reach US$1 trillion by 2025 in Southeast Asia, it is no surprise that many businesses such as e-commerce platforms and mobile wallets are looking to partner with licensed network providers to improve payment efficiency and create a better customer experience.

One such provider is EMQ, a global financial settlement network that enables businesses to send money nearly anywhere in the world to any end-point efficiently.

Its network infrastructure provides a faster, more affordable and transparent cross-border settlement solution for businesses globally, while adhering to complex regulations and compliance standards in different markets.

EMQ has long been serving the markets in Southeast Asia and over the past few years, it has heavily invested in its network infrastructure and compliance capabilities.

Recently, the company announced that it offers businesses instant access to Singapore’s Fast and Secure Transfers (FAST) network consisting of 19 banks and extensive bank coverage across Malaysia

Scale into high performing markets with EMQ

While Southeast Asian businesses have traditionally looked to local markets for initial stages of growth, many businesses now start with a plan to take on the regional or even global market. To capitalize on cross-border business opportunities, the ability to make and receive payments quickly and transparently is critical for them to thrive globally.

EMQ’s API Connect uses a scalable technology to enable efficient cross-border transactions with greater transparency and certainty. The unique integration platform with built-in redundancies is designed to meet the needs of businesses with high transaction volumes, enabling them to control their workflows for a seamless user experience.

Thus as customers venture into new markets and grow, they can be rest assured that EMQ will be able to meet their increased demands as they scale.

Stay tuned for our next edition in our Southeast Asia Enterprise Playbook that does a deep dive into our enhanced capabilities in Indonesia – the leading player in the region’s booming internet economy.