AsiaPay cashes in on e-commerce
Staying close to the market, innovation, customer focus, support from partners and teamwork are the keys to success for AsiaPay, a leading provider of internet and mobile payment services and technologies in Hong Kong, according to its CEO, Joseph Chan, winner of this year's SME Award.
Incorporated in Hong Kong in July 2000, AsiaPay is the company behind Paydollar.com, which provides electronic payment processing services and solutions for merchants to process payment online 24 hours a day.
'Because the trends of e-commerce change each year with new opportunities and challenges, we need to stay close to the market to take an early step to bring solutions to our customers; and to meet the needs of our customers we have to constantly come up with innovative products and solutions,' Chan says.
'We focus on our customers, providing them with 24/7 local support and services that our competitors cannot provide, especially those in different time zones. We are proud of our good teamwork. Our overseas offices work closely with the headquarters to develop new markets.'
Headquartered in Hong Kong, AsiaPay has offices in Singapore, Malaysia, Thailand and the Philippines, with mainland offices in Shanghai, Guangzhou and Shenzhen. It has about 80 staff.
Chan says the e-commerce market picked up strongly in 2005 with more new business models such as group buy, social media and mobile applications. These have also fuelled the demand and trading volume of e-commerce.
With its strong expansion, the company has achieved profit growth of 70-80 per cent a year over the past few years, with the number of its customers rising to more than 2,000.
In addition to online payment processing, AsiaPay also offers customers a range of value-added solutions and tools, such as a shopping cart, mobile payment solutions, hotel reservations and management, online registration and management and payment acceptance.
According to Chan, the main purpose of these value-added solutions is to ease the work of its customers and stimulate their business. 'We also want to be an e-commerce enabler. These solutions enable them to accept online payment without having to invest in the technology, and they also help increase transaction volume.'
He says in the coming years the company plans to expand into more Asian countries. It has recently expanded its business to Taiwan and Vietnam, and plans to expand into India and Indonesia. 'Our goal is to become one of the top two payment technology providers in Asia within three years,' he says.