Asia Payments Research

Mar

Airwallex is set for expansion in China

China’s payments market has been gradually opening to foreign competition in recent years for different reasons. On the one hand, the Chinese government is wary of allowing a couple of tech giants to indefinitely monopolize a market worth US$3.5 billion at the end of 2022, according to Daxue Consulting. On…

Mar

Asia Payments Research

Big Tech makes a play for the fragmented Japanese payments market

Japan’s affinity for cash has made it a relative laggard in adopting digital payments, especially compared to neighbors like Korea and China. Japan only broke the 30% milestone for cashless payments in 2021, partially due to the pandemic. In contrast, Korea was almost 94% cashless in 2020, while China was…

Feb

Asia Payments Research

Capitalizing on the promise of Asia Pacific’s burgeoning B2B payments market

A commentary in collaboration with Banking Circle. Large banks have long dominated cross-border payments in Asia Pacific thanks to their control of traditional correspondent banking networks and until recently, the lack of viable competitors. Banks have been particularly dominant in B2B payments as the barrier to entry is higher than…

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Asia Payments Research