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Cohesive Platforms to Support Indonesia in Reaching Its Potential in the Digital Economy
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(Image source: Freepik.)
S
outheast Asia is showing great potential for growth in digitalization, especially in business and finance. Cashless payment, for instance, shows an adoption rate of 85%.
In a recent interview, Amanda Murphy, HSBC’s Head of Commercial Banking in South and Southeast Asia, explained how a combination between the region’s high appetite for digital transactions, government support on technology and digital innovations, along with the extraordinary level of entrepreneurship within the region, have created an ideal environment for intense digital growth.
Indonesia, in particular, is exhibiting very promising potential.
“We are very positive about Indonesia's potential for the next 3 to 5 years thanks to its strong, growing, younger population that is very receptive to digitalization,” Amanda said.
She cited the widespread use of smartphones as one of the factors that increased consumers’ comfort level in performing digital transactions.
Digital-First Mindset in Digital Era
Maintaining a digital-first perspective, HSBC deployed US$ 6 billion in investments to improve digital transaction capabilities in 2021.
Around 96% of our payments are currently being processed digitally, requiring no manual intervention, while more than 80% of our trade transactions have been initiated digitally.
This is why we are confident in our ability to support our clients as they evolve through their digital transformation journey.
Upon listening closely to customers across industries, it has become clear that technology sits at the heart of their expansion plans.
The continued growth of our global payment capabilities is part of HSBC’s strategy to maintain our role in accommodating companies in implementing their future growth plans.
Creating a Supportive Digital Payment System
Understanding the importance of a safe, reliable and flexible digital payment system, HSBC rolls out Omni Collect, a digital invoice and payment solution for businesses, as well as other real-time payment initiatives.
Omni Collect grants our clients the ability to offer multiple payment channels, allowing them to offer a seamless experience for their end-users.
In addition, it also offers certain features such as an automated vessel checking process that can reduce a third of transaction time while helping to validate the exchange of goods between buyers and sellers.
Collaborative Effort With Tech Startups
HSBC continues to invest in developing and deploying some of the financial industry’s leading digital innovations, especially in trade solutions and e-commerce, to enable our clients to thrive and grow.
Our priority is to provide a well-defined and functioning operating model for the digital economy as many elements across the industry will need to find its footing with the recent changes.
We therefore forge strategic partnerships with world class partners across industries as delivering a well-defined, seamless and cohesive experience for our clients, which will certainly take a collaborative effort.
“Traditional banks and startups need to find a space where they can work together to provide more benefits for the customers,” Amanda said.
For more information on our digital products and solutions visit: https://www.business.hsbc.co.id/en-gb/
