US digital payments player Stripe intends to expand throughout Asia, including in Southeast Asia, Japan, China and India, after boosting its employees in the area by 40 percent to over 200 people annually, a senior executive told journalists.
The decade-old San Francisco-based business, which set up regional headquarters in Singapore a couple of years ago, has also established earlier in 2020 a pilot project in Indonesia enabling interbank transfers for businesses.
Noah Pepper, the company’s company head for Asia Pacific, said Stripe, that counts Amazon as a client, was quickly adding engineers in the region. Based on project postings on Linkedin, Stripe is searching for individuals with expertise in Southeast Asia, Japan, and China.
“APAC is not just the world’s fastest growing market, but it’s such a fragmented market… with different laws, languages, currencies, and in some cases currency controls,” said Pepper, including that Stripe was working to accommodate to every nation’s laws and preferred payment methods.
The business offers products that allow merchants to accept digital payments from customers and a range of business banking services. It increased money in April in a cost of $36 billion, and may now be worth twice that, Bloomberg reported.
In Japan, Pepper said the business was winning over merchants by cutting payments processing time from months to days.
Pepper declined to provide details about the size of its business in Japan, but said the company was planning to launch a service to empower “konbini” obligations for merchants – a payment method where shoppers buy online but pay cash at convenience stores.
Analysts pointed to the issues Stripe may face concerning varying regulations across Asia.
“Stripe’s first challenge is that to be able to execute every market (in Asia) they need to have a very localised strategy and compete against strong local players” explained Zennon Kapron, director at consultancy Kapronasia.
The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Fanny Potkin. Editing by Sayantani Ghosh and Jane Merriman.
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