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.