Overview

The Asia-Pacific region (APAC) is an outsize player in the world market. The region contains nearly 60% of the world’s population and accounted for about 37% of its GDP in 2021, a number that’s forecasted to grow to 42% by 2040.

The most recent report from the IMF reported that APAC economic activity was “on track to contribute about two-thirds of global growth in 2023.” And according to McKinsey, APAC contributes 47 percent of the world’s payments revenue.

Unsurprisingly, given its size, the APAC region is highly diverse. Stretching from China and Japan in the North, India in the West to Australia and New Zealand in the South, it also encompasses smaller countries like Myanmar and Vietnam.

Within this span are both mature and emerging markets and central banks that are moving at different speeds. This diversity is reflected in B2B payments, creating a nuanced landscape.

Economic pressures affect suppliers, buyers and banks across the region.

As in much of the world following the pandemic, interest rates and inflation within APAC have increased, impacting prices and the cost of funds for businesses.

Supply chain disruptions caused by the pandemic also made it difficult for....Read more