The payment market in Asia

Insights from our local expert Ivan Ong

“In times of adversity, opportunities do present themselves. Businesses are compelled to innovate and go digital to remotely access their customers, this is the new normal replacing traditional methods. Our focus to seize the changing times and delivering customer-centric fintech solutions will revolutionize how businesses get ahead of the competition.” Ivan Ong, Business Development in APAC for Netcetera.

Which countries does your team serve and where do you see the most potential?

Asia remains the fastest growing region in the world, accounting for more than two-thirds of global growth prior to Covid. Although China and India present huge potential, they are highly demanding overcrowded marketplaces. Our mission is to target the next potential markets which is Asean, the grouping of South East Asian countries.

Asean countries pose high potential in the fintech industry as there are payment solutions that are in its early stages where Netcetera is in the best position to fill those solution gaps.

How important is it to be on site, have a local presence?

Singapore is strategically placed to cover Asia with its proximity to other Asian countries. The stability and support of government and infrastructure makes Singapore the right choice for our regional HQ.

Most Asian countries take Singapore as a reference showcase to learn and replicate new innovative solutions within their own country.

What are the main topics and issues that the payment industry is facing now?

Asia is highly fragmented with many countries with different cultural and business norms.

  • Language is a key challenge to present clear business values to customers. Customers would prefer vendors supporting them to be on site for easy access and faster response time.
  • Customers tend to have legacy systems that require upgrades or replacement with current technologies.

In what stage of development is the payment and banking market in APAC or any specifics for individual countries in the region?

APAC usually rollout new products after the European countries have successfully implemented it. The payment and banking industry takes guidance from international schemes concerning new products and solutions with majority of the banks adopting and complying to the specifications.

How can Netcetera help the PSPs, acquirers and issuers to tackle and solve these issues?

Our competition in Asia competes on price, often forgoing the importance of quality. Netcetera takes pride in the quality we deliver to our customers and this value will be the driver to convince PSPs, acquirers, and issuers to rely us. It is up to the customers to weigh-in on the cost and benefit before deciding.

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