Our team in Singapore

Opportunities and Challenges

As announced earlier this year, as part of our global growth strategy, we opened our fifteenth office in Singapore, which is considered the financial capital and fintech hub of the APAC region. The managing director of the office, Kiril Milev, in a previous statement mentioned: "Our specialists’ know how to meet the requirements of the financial technology industry with their in-depth expertise and our qualitative range of products and services", but taking into consideration the current situation, we wanted to ask our colleagues first hand about the challenges they face every day, the market, and our near-future plans in the region.

Ivan Ong and Peter Bley's roles in Netcetera are business-related ones. Ivan is working on Business Development and Sales, while Peter is responsible for the Presales activities.

We asked them what it means doing business in Singapore during this pandemic. Both emphasized the same challenge. “Business in APAC is based a lot on discussing business matters over a meal, a coffee or having drinks together in the evening. With the COVID-19 restrictions in place, it has become very difficult to initiate, establish and maintain business contacts.” – Peter explained.

“It is a challenge with the pandemic as the business culture requires face-to-face discussion and a symbol of respect (face) when discussing business. Nevertheless, this will be the new normal where we need to find ways to adapt.” – Ivan confirmed.

We asked Peter about the market, how it works, what the changes and challenges are that we are facing?

"Markets, in general, work the same way as anywhere else in the globalisation, but here you must face the requirement of taking traditional habits and views into consideration when doing business. The more developed a country is, the more “western” the business is oriented. On the other hand, you may find many things related to tradition and protectionism in less developed countries of the region”

Industry-wise, Ivan stated: "Our key focus is to grow our footprint on Secure Payments - 3DS products, subsequently introduce new products that suit the region."

"We crafted out a market analysis to get a better overview and to find out which priority every single country in the region has in regard to our business." - Peter said, then added:"...On the other hand, we have to figure out what the demands the potential customers have and if we can solve their challenges with new products."

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Kiril Milev

Region Director ME & APAC

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