Is your tech company, business or organisation looking to expand into South East Asia? If so, you probably have questions about the viability of the market
Keep reading to learn how you can succeed in South East Asia and why your tech company should prioritise the South East Asian market.
Why South East Asia?
South East Asia’s market is significantly huge, with more than 700 million people driving the country’s economy. Technology adoption is at an all-time high, with more and more people making online transactions in the past year than in the last decade. This increase in digital adoption has seen companies in the region invest in technology to meet consumer demand.
Therefore, bringing in technology from the UK to improve logistics, supply chains and the way people carry out online transactions is more than likely to succeed in the region. Here at the Sannam S4 Group, we’ve carried out extensive market research in South East Asia and have discovered that there’s a growing demand for state-of-the-art, reliable technologies, which your tech company can take advantage of.
Similarly, with the growing reliance on financial compliance, RegTech has begun to thrive, particularly in Anti-Money Laundering, Know Your Customer (KYC), and cross-border credit scoring.
Other industries that are also thriving in South East Asia include:
- Environment, Social and Governance (ESG)
- Infrastructure, cloud and professional services
Although expanding into South East Asia is promising, the region presents one significant problem – the number of jobs available is more than the available talent pool. This means local candidates are spoilt for choice when it comes to job openings. And, many residents prefer working for big, established companies instead of new, up-and-coming organisations.
So, as a new tech UK company coming into the market, you’re forced to pay over the odds to secure first hires. And, once hired, you’ll likely experience difficulties bringing your local staff into an international mindset as most don’t have the international experience that’s a norm when hiring in the UK.
How to succeed
The talent and hiring challenge is not expected to go away anytime soon. Luckily, there are some immediate solutions your company can take to overcome them. These include:
1. Outsource to an international business development firm
An international business development firm like the Seamless brand can help you hire, fire or retain talent in the region. They understand local routes and the local market and can assist in generating your first pipeline and revenue in the area.
2. Form partnerships
Alternatively, you can sell via resellers and distributors instead of selling directly. Unfortunately, creating and maintaining partnerships can be complex and requires a well-thought-out program to establish reliable and healthy relationships.
Expanding into South East Asia and succeeding is possible, but it requires extensive research and thorough planning to find an option that works for your tech company. Fortunately, by working with the Seamless brand, you can seamlessly expand into this region and get expert help in all stages of the expansion process.
Get in touch with our team today for more information about expanding into South East Asia.