Ksher looking to make a massive entry in the Southeast Asian Market
Southeast Asian countries are one of the fastest-growing markets for cashless transactions. Comprised of 11 countries, namely: Brunei, Burma, Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, Vietnam, it is one of the economically diverse areas in the world. Chinese internet company Ksher is looking to capitalize on the untapped cashless economy of this region. Ksher is a Chinese eCommerce company headquartered in Beijing. It provides WeChat, Visa, MasterCard payments services to the clients. This helps the business entities to make payments with ease and hence grow their business.
Most of the South- Asian countries are the cash-based economy. This region is one of the prime tourist destinations and the largest recruiters of migrant workers. Hence people look for cross- border payments so that they can transfer money to and from their respective countries. This makes a very lucrative market for these cashless payment solutions. The central infrastructure required is internet connectivity for the Fintech companies to grow in this region. Southeast Asian market has the highest internet connectivity. But the major problem lies in the banking system of this region. Only 13% of the population has a bank account, thus receiving loans and saving cash becomes a significant problem. Therefore, the growth of the Fintech companies depends on the changes brought in the banking habits of the population as well as providing a reliable service that will enhance the user- experience.
Ksher has already placed an integrated system with wallet services set in nine different countries. They are extending this service to 50 other countries. With the integration of we chat in the payment solution platform, the Chinese company can easily capture the market by providing cashless transaction services to the masses. It already has developed a partnership with south Asian financial service network Light Net that will give the users the facility of wallet transactions. Localizing their wallet services will provide better control over the market. Ksher, along with WeChat, is looking to make higher investments in the south Asian markets and create a strong foothold in this untapped market.