Global payment service provider GlobalCollect has announced the further expansion of its Asia Pacific operations with the opening of their Shanghai office. The office is located in the Shanghai International Finance Center (IFC) the heart of Pudong’s Lujiazui financial trade zone.
In addition, the company also announced its plans to expand to the Chinese capital, Beijing, as well as into Japan and Australia. These offices are in addition to the regional headquarters opened by GlobalCollect in Singapore in 2008.
“Business in China is driven by Guanxi, the cultural concept of connections and networks. Opening offices in Shanghai and Beijing enables GlobalCollect to get closer to our customers and foster stronger relationships than supporting them from afar.” said Mark Patrick, GlobalCollect’s general manager for the Asia Pacific region. “Chinese companies will benefit from our ability to quickly take them global with our proven payment platform and specific expertise in the travel, retail and gaming markets, among others.” Other than PayPal and GlobalCollect, no other major global payment service provider has established a physical operation within China.
While Europe and the U.S. have already reached a high level of maturity in e-commerce, most of the Asia Pacific region is still very much in a developmental state. With nearly two-thirds of the world’s population residing in Asia and internet and mobile access growing exponentially, the opportunity for growth is unmatched globally. In 2011, China’s domestic online payment volume alone exceeded USD350bn, with cross border payments exceeding USD9bn.
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