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Saxo Payments Banking Circle White Paper launched at Money20/20 Asia identifies opportunities and challenges facing Asian businesses
Saxo Payments Banking Circle, the global scale financial utility, has today launched a new white paper at Money20/20 Asia.
Payment Painkillers for Asian PSPs, identifies the challenges facing businesses based in Asia and making payments into Europe. In particular focusing on the global opportunity for ‘marketplaces’, the white paper highlights the opportunities for Asian PSPs.
With India, China and the Philippines being the largest recipients of cross border payments in the world, Asia is hugely influential in global trade. Annual growth in the region’s ecommerce market is predicted to grow 12% year-on-year until at least 2022. And Banking Circle research found that payments in Asia have skipped the stumbling block of traditional payment methods moving straight on to digital payments.
Almost 75% of Asian banks offer mobile-based cash management tools and these tools are heavily used by 70% of large corporates. However, the vast array of mobile payment solutions and alternative payment providers has created a fragmented market that is hard to navigate for the plethora of merchants that want to trade on European marketplaces.
As such, there are so many payment options available in the market that it is difficult for Asian merchants to ensure they focus investment on the right payment types for the regions within which they want to grow.
Anders la Cour, co-founder and Chief Executive Officer of Saxo Payments Banking Circle commented: “The fragmented payments market in Asia is a difficult environment for merchants – but provides a real opportunity for PSPs serving the region. And financial utilities like Banking Circle can help them realise that opportunity.
“Payment providers who join the Banking Circle can offer ‘local’ cross border payments, with low fees, good FX rates and fast transfer times. It’s a cohesive solution – there’s no differentiation between local and cross border payments. All payments occur quickly, at low cost. Payments are simply payments.”
The full report can be downloaded at https://www.bankingcircle.com/whitepapers/payment-painkillers-asian-psps
About Banking Circle
In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, with the purpose of using Saxo Bank’s core capabilities within the non-cash payments market. In October 2015 the company launched the Banking Circle – its grounbreaking product for payments and FX to the Financial Tech industry. In October 2017, the company launched its new identity for the Banking Circle, to reflect its position as a financial utility within core banking.
Domiciled in the European Union, Saxo Payments specialises in providing global payment account transactions and foreign exchange services to financial institutions, including FinTechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers. Saxo Payments is a Saxo Group company.
For further information and interviews please contact the Banking Circle Press Office:
Wendy Harrison/Lucy Wright – Harrison Sadler
T: 0208 977 9132