How the Money Transfer Market Works in Asia
Lately, I’ve been thinking more and more about the money transfer market in Asia, because a friend of mine is trying to break into that market with his service. He says there’s huge demand there, especially from migrants and international trade, but at the same time, the market is quite complex and fragmented. At first, I thought it would be similar to Europe—just integrate a couple of payment solutions and you’re good to go—but judging by what he’s told me, it’s much more complicated. Has anyone looked into this in more depth? How does it all work over there?
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In short, Asia isn’t a single market but dozens of different ones, each with its own rules. In some places, everything is strictly regulated; in others, it’s more flexible. Plus, local partners and licenses play a huge role. When I was looking into this, I came across Gofaizen & Sherle—they have information about MSO licenses in Hong Kong and how to enter the market through them. A colleague of mine was considering this option because Hong Kong is often used as a gateway to the Asian region. He said it simplifies the translation process, but you still need to take into account the specific characteristics of each country individually.