Hong Kong firms see new opportunities in cross-border e-commerce

Nine out of every 10 companies in Hong Kong (90%) anticipate that cross-border e-commerce could drive significant sales growth in the business in the next two years. This is according to a research study by the Hong Kong Export Credit Insurance Corporation (HKECIC) and Hong Kong Trade Development Council (HKTDC) titled ‘Unleashing the Lucrative Potential of Cross-border E-commerce for Hong Kong Traders’.

The surveyed companies in general indicated that cross-border e-commerce positively impacts their expansion plans whether via broader sales channels (69.0%), new market opportunities (50.3%), or enhanced brand awareness (48.9%).

Despite this optimism, however, market-related challenges continue to persist. These include intense market competition, complex customs clearance procedures and the management of returns and refunds. In light of these challenges, experts recommend developing appropriate online marketing and sales strategies, enhancing risk management and adopting efficient logistics and delivery practices to better seize the opportunities presented by cross-border e-commerce.

Cross-border e-commerce operators must confront a variety of practical issues relating to both online and offline procedures, including goods delivery, platform charges, exchange rates and refunds as well as market, regulation and financing issues.

Of the companies surveyed, 38.4% said that customs clearance procedures in Mainland China and foreign markets are complex, with 31.3% indicating that product returns involve complicated procedures and high costs, and 29.8% finding it difficult to manage practical issues, such as the international delivery of small orders.

A significant majority of the surveyed companies (84.9%) noted that developing cross-border e-commerce presented market-related challenges, such as keen market competition. Meanwhile, 54% indicated regulatory issues, and 41.2% encountered financial challenges.

“While cross-border e-commerce has seen a significant growth in recent years, the study highlighted that the market remains highly competitive, and the ecosystem and related infrastructure still require further improvement,” said Terence Chiu, Commissioner of HKECIC. “In addition, many e-commerce businesses have limited assets and insufficient collateral to secure financing from traditional banks and financial institutions, reflecting the ongoing challenges in the e-commerce environment.”

 

Visa and LianLian Global launch card to facilitate cross-border business payments

Visa and LianLian Global have announced that they will deepen their cooperation and launch a global business payment product called Yueda Card. The card is designed to provide cross-border business payment experiences for LianLian Global customers. 

Through LianLian Global's capabilities and Visa's global payment network, corporates and SMEs can use the Visa digital business card to complete cross-border payments online. This service aims to fulfil the cross-border payment needs in various scenarios from global e-commerce sellers, foreign trade companies, online travel platforms and travel agencies, travel management companies, advertising agencies, and supplier payments.

The product provides a series of digitalised experiences such as online top-up, multi-currency settlement and online invoices, helping corporates and SMEs complete online cross-border payments more efficiently and securely than traditional, time-consuming manual payment and accounting approaches. A statement from the pair said the card helps customers reduce costs, increase efficiency, and optimises the management of corporate cash flow.

A quote from a global online travel agency (OTA) customer said: “With one Yueda Card, you can easily manage global payment and collection within one account, and the process is simple, safe and convenient.”

 

ICC DSI Digital Trade Reliability Assessment verifies Enigio’s trace:original 

Enigio’s trace:original has become the first digital trade solution to successfully complete the ICC DSI Digital Trade Reliability Assessment. 

This verification confirms that the solution meets the stringent requirements of the Model Law on Electronic Transferable Records (MLETR), ensuring its ability to securely manage digital trade documents with the same legal recognition and protection as paper documents. 

The ICC Digital Standards Initiative (DSI) and Digital Governance Council (DGC) developed the reliability framework to address the growing demand for secure, compliant, and interoperable digital trade solutions.

“This milestone is not just a validation of our technology but a critical step forward for the industry,” commented Patrik Zekkar, CEO, Enigio. “The framework provides businesses with the trust and clarity they need to embrace digital trade and unlock its full potential, particularly for SMEs.” 

 

ANZ and DataCo to launch customer insights proposition

ANZ has entered into a strategic partnership with DataCo, the first commercialised business to launch through its external innovation and investment partner, 1835i, as part of a venture studio model that was established to drive value for ANZ, its customers, and its partners.

The partnership allows for de-identified customer and transactional data to be aggregated to produce rich insights for businesses through DataCo’s data collaboration platform, helping them perform targeted analysis, uncover spending trends, and identify strategic growth opportunities.

DataCo’s core technology, built in collaboration with ANZ and 1835i, combines data from multiple sources into a safeguarded and de-identified dataset on DataCo’s platform.

 

SimCorp and Deutsche Bank renew partnership

SimCorp and Deutsche Bank Securities Services have announced the extension of their longstanding partnership. This renewed agreement, first set in 2006, will enable Deutsche Bank to continue delivering integrated fund administration and accounting services to its clients across the Asia Pacific region using the SimCorp One investment management platform.

Through this renewed partnership, Deutsche Bank Securities Services’ team will continue to benefit from the platform’s ability to enhance operational efficiency by using automation and technology to streamline processes and improve scalability. Additionally, the platform supports the bank’s efforts to enhance existing offerings and introduce new products and services to clients. 

In recent years, private markets in Asia Pacific have been experiencing significant growth, with both sovereign wealth funds and pension funds increasing their allocations. Driven by economic growth and regulatory reforms, the region has seen higher growth in assets under management over the past decade compared to other regions. The wealth management industry is forecasted to expand from $18.50 trillion in 2023 to $33.00 trillion by 2028.

 

TCB Pay corporate card programme looks to simplify business expenses

Fintech TCB Pay has launched a corporate card programme called TCB Pay Issuing. The programme is designed to streamline expense management and enhance financial control for businesses of all sizes. The product aims to simplify corporate spending, offering a suite of features tailored to meet the needs of modern enterprises.

TCB Pay Issuing aims to provide companies with the flexibility to optimise their business operations. Features include unlimited digital and physical cards at no cost, multi-level user access through different levels of permission, and customisable spending limits. Users can track purchases in real-time, block and activate cards instantly, and access reporting tools for detailed expense analysis.

The programme offers both prepaid debit and postpaid credit cards.