AsiaPay: How to Expand your Ecommerce Business in Asia

A conversation with Joseph Chan, the CEO of AsiaPay, about how to expand your eCommerce business in Asia, and some of the challenges and opportunities it might present.

Asia is often looked to as the forefront of financial technology innovation. Why is this?

There are a number of reasons. For example, Hong Kong and Singapore are often viewed as fintech cities, and act as the financial centres of Asia. This coupled with Asian consumers actively embracing digital and mobile solutions in all aspects of their lives, keeps digital innovation at the forefront of companies’ priorities.

Asia has taken a collaborative approach to Fintech. Thailand and Malaysia have created regulatory ‘sandboxes’ to encourage innovation. Additionally, in late 2016 the Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) of South Korea signed an agreement to pursue greater cooperation in Fintech. This allows for the acceleration of faster payments and open APLs. As whole, the focus is now turning to innovating security in fintech.
All in all, this makes the Asian region one to watch in the coming years when it comes to fintech growth

How does one expand an eCommerce business into Asia?

The most important thing to consider when looking to expand an eCommerce business in Asia is choosing a trusted business partner. AsiaPay is a world-class technology partner and trusted e-payment service, operating in Asia since the start of the millennium. Our omnichannel payment platform provides the most comprehensive integrated coverage of over 100 acquirers and alternate payments in Asia.

We operate across 13 counties in Asia, including Thailand, Malaysia, Singapore, Mainland China, and Taiwan. Our specially designed platform delivers unparalleled security, customisability, and scalability, which has allowed us to become one of the major e-payment providers within Asia. We provide a business with the ability to adapt and support larger transaction volumes in line with their growth.

Flexibility is key to succeeding in eCommerce within Asia. Asiapay offers the features that allow businesses to thrive in this market, such as one-click-payments, mobile optimised payment pages, fraud prevention tools, and many more.

What are the major challenges involved in doing so?

As with expanding into any new market, there are challenges associated with accessing the business opportunities that Asia presents. Most of which are easy to overcome if you chose the right business partner.

There are, for example, differences in expected consumer experience. A business looking to expand their eCommerce offering into Asia will have to understand what consumers want, and how to gain and maintain their loyalty. That could be through offering e-wallets, or NFC (near field communication) solutions.

Payment channels pose another interesting question – which are the most popular? Should a business be looking at mobile device payment options; social media; and smart kiosks?

Differences in regulatory and compliance standards are something else businesses will have to consider. Even though Thailand and Malaysia have created regulatory ‘sandboxes’, individuals will need to be aware of the different rules governing their products.

The payments ecosystem is constantly evolving in line with new technological solutions. Payment methods, channels, authentication, processing, and gateways will vary across different economic areas; however, this doesn’t necessarily mean that they need to be a challenge to a business looking to expand.

What are the key benefits of expanding an eCommerce business into Asia?

Asian consumers are at the forefront of digital innovation, embracing it across many aspects of their lives. By expanding an eCommerce business into Asia, you are gaining access to one of the world’s largest and fastest growing economic environments, with consumers who are seeking efficient/effective technological solutions.

By choosing to expand your eCommerce business with AsiaPay, you’ll gain access to innovative, secure, and cost-effective solutions which help our business partners to grow competitively within the Asian eCommerce landscape.

What will be the next step in eCommerce innovation in Asia?

One of the next big topics on the fintech agenda is security – how we can ensure that consumers feel their data is being properly and securely stored. This is linked to the next big development within Asian eCommerce – and payments as a whole – blockchain.

The uses of AI, blockchain, cloud computing, big data, and biometric innovation have yet to be fully explored within the eCommerce space and offer exciting opportunities for creative technology solutions. We believe the next step is utilising these technologies to offer highly secure, seamless payment options across all platforms.

Some argue that a totally frictionless payment process might encourage financial irresponsibility. Should there be a limit to the reduction of friction in the consumer payment experience?

No, there shouldn’t be a limit to the reduction of friction within the consumer payment experience. Frictionless payment processes offer many benefits for those involved with transactions.

For merchants, frictionless payments are optimising the customer experience. By reducing waiting times and friction points within the retail environment, increased consumer loyalty is likely, along with higher sales. This also allows for a reconciliation of the payment process, removing some of the complicated payment operations.

Consumers can demand more and more from a frictionless payment process. Payments in the future will be closer to the consumer to match this demand, be this through an enabled device (IOT) or in any other way the consumer wants.

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