EBANX to focus in on China
EBANX, the Brazilian payment solution provider operating in 29 countries, will allocate more resources in China and economies participating in the Belt and Road Initiative to sustain robust growth, according to a senior executive.
Supported by over 800 employees, the Curitiba, Brazil-headquartered company has expanded into new markets in Latin America, Africa and Asia, including 22 countries involved in the BRI. It plans to collaborate with more Chinese businesses to tap into the growth potential within emerging markets participating in the BRI in the long run.
"This strategic alignment emphasizes our commitment to focus on emerging markets," said Sean Yu, EBANX's China head, expressing the company's eagerness to provide support for Chinese companies, especially those in the digital service sector, aiming to capitalize on growth opportunities in Latin America, Africa and Asia.
As 2023 marks the tenth anniversary of the BRI, Yu said that digital commerce, with its global reach, will become a pivotal growth engine for China's already matured digital economy over the next decade in joint development with other participating economies.
China's push to globalize digital economic models, such as e-commerce, social media platforms, gaming and SaaS, or software as a service, will enhance the international influence and competitiveness of the country's digital commerce landscape, he added.
According to a report formulated by the Office of the Leading Group for Promoting the Belt and Road Initiative, China will mainly extend BRI cooperation in key fields including policy coordination, infrastructure connectivity, unimpeded trade, financial integration, people-to-people ties and cooperation in new fields over the next decade.
Upbeat about the Chinese market, EBANX established a branch in Shanghai in 2019. The subsidiary includes experts from various domains, including commercial, merchant success, product, technical integration, payments operations and marketing. Their mission is to provide unwavering support to partners in both China and the Asia-Pacific region.
"In emerging market countries, payment methods are diverse and fragmented, with non-credit card payment methods playing a substantial role. And within cards, there is the need for a balance between approval rates and chargeback rates," noted Yu. The company currently processes 100 local payment methods through its proprietary payments platform.
For Chinese businesses aiming to enter burgeoning markets like Mexico, Chile, Nigeria and South Africa, Yu emphasized the importance of a comprehensive payment solution, encompassing card payments, e-wallet payments, instant payment systems and even cash payments.
"This flexibility enables local market users to choose based on their preferences, reaching diverse target audiences and consumers", he added.
