B2B Payments

Pan Asia Exchange To Help Globalize B2B Commerce

Asia is set to see the launch of a new B2B eCommerce platform, and according to reports, the venture wants to help propel Asian corporate buyers and suppliers onto the global stage.

Reports said Friday (Sept. 18) that the Pan Asia Exchange (PAE) will launch this Tuesday (Sept. 22), just ahead of the annual Ministerial Meeting on Small and Medium Enterprise as part of the Asia Pacific Economic Cooperation. The new online marketplace is described as “a versatile B2B platform that provides access to thousands of buyers and sellers to showcase their products across Hong Kong, Taiwan, Singapore, Malaysia, Philippine, China and Macao easily.”

[bctt tweet="Asia is set to see the launch of a new B2B eCommerce platform."]

The Pan Asia Exchange is the latest effort from the Pan Asia E-Commerce Alliance and will help buyers and suppliers more easily conduct international trade by easing customs and regulation challenges. Reports said 11 service providers have secured authorization by customs and other authorities to conduct global trade.

Francis Norman O. Lopez, chairman of the Pan Asian E-Commerce Alliance, said the new PAE platform is set to push Asian businesses into the mainstream global market.

The new eMarketplace is likely to fuel Asia’s position in the global digital commerce space. Research released late last year found that Asia will soon lead the world in eCommerce volume and worth, likely to hit a $7.6 trillion valuation this year. B2B will play a significant role in the expansion of eCommerce, too, as separate analysis estimates the B2B digital commerce space alone to be worth $1 trillion by 2020.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.