Sino Fintech team understands the specifics of the legal framework, customer behaviour, and cultural differences in Asia in general and specific Asian countries in particular. Our regional expertise will help us review your business model for Asia and suggest solutions.
Here we would like to bring your attention to some crucial points:
1. Legal framework
If your business is licensed abroad, it is necessary to check whether retail customers from a specific country are allowed to register on your website and where you can store their data. Sometimes you need a different website for a particular region or country.
2. Marketing strategy
Japan and South Korea were pioneers of decentralized technologies, so to be competitive in those markets, your business should communicate with the customers clearly and explain the advantages of your product and service to them. In a competition between a local and a foreign platform with similar functionality, Japanese and Korean customers would always prefer a local one as more trustable and close to customers. If your product is innovative and has technical advantages over existing local competitors, you might have a market share in these countries.
Community marketing must include Line (for Japan) and KakaoTalk (for South Korea) with local influencers.
South East Asia (Indonesia, Malaysia, Vietnam, and Thailand) is rapidly developing and still needs to be a saturated market. So even if your project does not have innovative technology, you can stand out by offering customers digital financial services if you have an attractive marketing strategy. It is highly recommended to have local ambassadors in every country.
3. Building local partnerships
Whether you would like to partner with a local solution for technical integration or you are looking for e-commerce platforms that can utilise your service to receive payments from their purchasers – we are ready to help you reach out to them and negotiate, including a review of the contract. Besides, we offer due diligence and background checks on companies and individuals you might consider potential partners.
4. Financial projections drafting
Each jurisdiction has its own standards for financial planning. When you are looking for investments (VCs or crowdfunding), you should present in your pitch deck financial projections that are suitable for that specific region.
Besides the above-mentioned crucial points, the Sino Fintech team will identify other risks and vulnerabilities in your business model for Asia and suggest solutions.
Here we would like to bring your attention to some crucial points:
1. Legal framework
If your business is licensed abroad, it is necessary to check whether retail customers from a specific country are allowed to register on your website and where you can store their data. Sometimes you need a different website for a particular region or country.
2. Marketing strategy
Japan and South Korea were pioneers of decentralized technologies, so to be competitive in those markets, your business should communicate with the customers clearly and explain the advantages of your product and service to them. In a competition between a local and a foreign platform with similar functionality, Japanese and Korean customers would always prefer a local one as more trustable and close to customers. If your product is innovative and has technical advantages over existing local competitors, you might have a market share in these countries.
Community marketing must include Line (for Japan) and KakaoTalk (for South Korea) with local influencers.
South East Asia (Indonesia, Malaysia, Vietnam, and Thailand) is rapidly developing and still needs to be a saturated market. So even if your project does not have innovative technology, you can stand out by offering customers digital financial services if you have an attractive marketing strategy. It is highly recommended to have local ambassadors in every country.
3. Building local partnerships
Whether you would like to partner with a local solution for technical integration or you are looking for e-commerce platforms that can utilise your service to receive payments from their purchasers – we are ready to help you reach out to them and negotiate, including a review of the contract. Besides, we offer due diligence and background checks on companies and individuals you might consider potential partners.
4. Financial projections drafting
Each jurisdiction has its own standards for financial planning. When you are looking for investments (VCs or crowdfunding), you should present in your pitch deck financial projections that are suitable for that specific region.
Besides the above-mentioned crucial points, the Sino Fintech team will identify other risks and vulnerabilities in your business model for Asia and suggest solutions.