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On April 25, as one of the first foreign exchange banks to obtain the cross-border e-commerce payment collection qualification from the State Administration of Foreign Exchange of China, HSBC and Coupang, the largest e-commerce platform in South Korea, held the "HSBC Cross-border E-commerce Innovation Finance Forum" in Shenzhen. Taking the opportunity of "Digging for Gold in South Korea's New Cross-border Blue Ocean", the forum conducted high-quality discussions on various topics such as industry development trends, market difficulties and new opportunities in transformation. Among them, the most worthy of attention for cross-border sellers who are exploring emerging blue ocean markets is the opportunities in the Korean e-commerce market mentioned by Coupang. South Korea's e-commerce market is growing rapidly, and Chinese products are very popular According to Statista data, by 2022, the size of South Korea's e-commerce market will be about $120 billion, ranking fifth in the world, comparable to the entire Southeast Asian market. In the next five years, the compound annual growth rate of South Korea's e-commerce market may reach a high growth rate of 8.7% , and its development momentum cannot be underestimated.
1. The consumer population dividend is considerable and the consumption level is high According to relevant statistics, in 2022, not only will South Korea's Internet penetration rate reach 98%, but its e-commerce user penetration rate has also been growing steadily in the past two years, and is expected to rise to 83% by 2025. In addition, South Korea's per capita GDP has reached US$32,200 (about RMB 222,900) in 2022. Various survey data show that Korean consumers are not only highly receptive to e-commerce, but also to high-priced goods. 2. Support from the China-Korea Free Trade Agreement It is learned that China and South Korea officially signed the China-South Korea Free Trade Agreement in 2015, which has provided a lot of support for Chinese companies exporting their products to South Korea. Starting from June 12, 2022, China and South Korea also lifted the restriction of 20 items on the upper limit of the number of products in certificates of origin for imported and exported goods under the agreement, providing greater convenience and flexibility for enterprises to apply for certificates of origin, heralding a very broad prospect for cooperation between China and South Korea. 3. Geographical proximity advantage Various data show that due to the close geographical location, similar living habits and consumption trends, Korean e-commerce consumers are keen to buy Chinese products. According to relevant data from the Korean Statistics Bureau, as of the third quarter of 2022, the GMV of Chinese exports to South Korea increased by more than 60%, ranking first in growth rate . During the same period, the transaction volume of Korean overseas purchases of Chinese products accounted for as high as 30.5%. In summary, with the consumer demographic dividend and the accelerated catalysis of free trade agreements, the Korean e-commerce market has unlimited potential and is bound to become a blue ocean for Chinese cross-border sellers to dig into. Here we recommend that sellers who are preparing to enter the Korean market make full preparations to ensure the smooth operation of cross-border business. Among them, as an important link in the cross-border e-commerce chain, many difficulties such as high cross-border payment fees and complicated procedures have attracted the attention of sellers. So, how should cross-border sellers solve this series of difficulties in cross-border payment issues? Those who observe the situation are wise, and those who follow the trend are smart. I believe that it is safest to follow the trend and follow the pace of national policies. How can the cross-border payment chain reduce costs and increase efficiency? It is understood that in recent years, the country has issued a series of new policies to encourage banks and payment institutions to provide more convenient, secure and compliant payment services to cross-border e-commerce sellers. Given the natural advantages that banks have in payment systems, account structures and foreign exchange transactions, they can not only improve the convenience and security of cross-border payments, but also ensure and enhance compliance security under the direct supervision of the National Administration. Therefore, choosing a bank with strong strength and the ability to provide cross-border payment services is a good choice for cross-border sellers. For example, the new cross-border e-commerce solution launched by HSBC, a bank with a history of more than 150 years , can provide financial support for enterprises in the Greater Bay Area to expand overseas trade through e-commerce with multiple accounts, multiple platforms, and a full ecosystem of domestic and foreign banks, including: 1. Open an international account without any worries and enjoy HSBC's global network 2. Worry-free global payment channels, one-stop safe and efficient management of e-commerce platform payment, easy management of foreign exchange 3. Worry-free electronic local and foreign currency financing to help supply chain development Among them, relying on its international network all over the world, the "eHSBC" cross-border e-commerce payment service launched by HSBC can more effectively solve the above-mentioned problems such as cumbersome payment processes, insecure capital flow, and high cross-border payment fees .
0 Open an account and receive payments more conveniently- No need to open an additional virtual electronic account or register a third-party payment wallet
- Existing domestic RMB accounts can be used to complete the collection of funds, without the need to open a separate bank account
0 transfer, safer transactions- No overseas intermediary bank, the payment link is simple and direct
- No overseas funds transfer, transparent transactions, safe and controllable
- No third-party payment channel access, point-to-point payment, one-stop remittance, clear and traceable capital flow
0 rate, more significant benefits- No domestic and international transfer fees
- More favorable exchange rate
0 obstacles, more efficient experience- No need to bind a store, just complete the collection and settlement of exchange based on the electronic transaction information
- Assist sellers to automatically conduct electronic international balance of payments reporting
- Seamlessly linked with e-commerce platforms, no additional operations required after payment settings, and full payment automation
👇Watch the eHSBC video to learn more HSBC China Enterprises , 153 likes In view of the broad prospects of the Korean e-commerce market, HSBC e-cross-border e-commerce payment service has been first connected to Coupang, Korea's leading e-commerce platform. In the future, it will be expanded to more cross-border e-commerce platforms to establish closer connections between cross-border sellers and platforms.
Are you still worried about the complex and difficult operation of cross-border payment links? Are you still struggling with how to reduce costs and increase efficiency in payment collection? ↓↓↓Scan the QR code below to contact HSBC experts |
