PayerMax shares practical experience in localization in the Middle East to help enterprises go overseas

Tech 2023-09-16 23:42:44 Source: Network

Starting from early 2023, the Middle East market has gradually become a hot topic in the overseas market. Beyond opportunities, issues such as geographical, linguistic, and cultural differences, unfamiliar market environments, and localization challenges have all become hot topics in the industry

Starting from early 2023, the Middle East market has gradually become a hot topic in the overseas market. Beyond opportunities, issues such as geographical, linguistic, and cultural differences, unfamiliar market environments, and localization challenges have all become hot topics in the industry. For overseas companies, before entering the mysterious and attractive market of the Middle East, they urgently need to know the answers to a series of questions such as "how to take the first step to go to the Middle East", "how to seize opportunities", and "how to avoid pitfalls".

On September 14th, PayerMax hosted the first domestic salon event of "Peimai Vision" in Guangzhou. Exploring new ideas for the development of the Middle East market and seizing new opportunities for growth in the region with the Dubai Chamber of Commerce, focusing on pain points such as cost reduction, efficiency improvement, safety and compliance, and localized operations.

The ecological pattern of the Middle East entering a new stage of going to sea has initially emerged

For overseas enterprises, the Middle East generally refers to the six Gulf countries (namely the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Saudi Arabia, also known as the GCC six countries) and North Africa. Before the Middle East became a hot topic this year, some companies such as Huawei Cloud and PayerMax had already laid out their presence in the Middle East, building the foundation of the internet industry and pioneering localization. Thanks to years of deep cultivation by these enterprises, key nodes in the upstream and downstream chains of the Middle East's offshore industry have gradually been connected, and the ecological landscape has initially emerged. The Middle East's offshore industry has entered a new stage and ushered in more opportunities.

Si Junjie, the representative of the Dubai Chamber of Commerce in China, described the Middle East as follows: "The Middle East is a market full of opportunities and possibilities. This is not a place to make quick money, but it is precisely a place worth the long-term persistence and investment of overseas travelers in the local area." He emphasized the business environment of the United Arab Emirates and Dubai at the event site.

According to data released by the World Economic Forum, the World Bank, and others, the United Arab Emirates is the most competitive economy in the Arab world and also the most convenient place to do business in the Middle East and North Africa region. "Si Junjie said that according to the" Dubai D33 Economic Plan, "Dubai will launch the" Sandbox Dubai "project, making Dubai the main center for incubating business innovation through testing and marketing new products and technologies. In order to achieve this goal, Dubai has not only provided friendly fiscal, tax, and financial policies, but also increased investment in fields such as artificial intelligence and intelligent manufacturing.

The United Arab Emirates is not an exception. In fact, GCC countries such as Saudi Arabia and Kuwait have launched development plans to break away from their dependence on the oil economy and develop cutting-edge technology industries. The proposal of Saudi Arabia's "2030 Vision" has provided unprecedented policy convenience for Chinese enterprises to sail to the Middle East.

Detailed Explanation of Localization Practical Experience and Solving Various Difficulties in Middle East Growth

It can be said that the improvement of the ecological pattern of the Middle East going to sea and the connection of key upstream and downstream nodes have actually laid a solid foundation for localization for new entrants to the Middle East market, helping them avoid detours in marketing, talent, operation, and payment, reduce costs and increase efficiency, and also making Chinese products more competitive in the Middle East market.

For example, in recent years, in order to ensure financial security, Gulf countries have continuously updated their iterative regulatory policies and modernized their financial systems, including network security, digital identity, digital currency, financial technology, anti money laundering, data protection and privacy, as well as establishing cryptocurrency regulatory systems. Thanks to the localized accumulation of cross-border payment platforms represented by PayerMax, overseas enterprises have already developed rich customized professional solutions when facing challenges in payment, finance and taxation and other key checkpoints.

At the event, Jimmy, Senior Tax Director of PayerMax, shared the pros and cons, operational steps, and key points for avoiding financial and tax pitfalls of both onshore and offshore modes of business development in the Middle East. Taking digital entertainment companies as an example, in the onshore model, relevant service income is taxed by the main company. The main company may need to register and pay value-added tax in Middle Eastern countries for selling digital entertainment products to individuals in the Middle East. In the offshore UAE model, the structure and costs of employees, distribution, and authorization need to be considered. In addition, CIT (corporate income tax), VAT (value-added tax), and economic substantive law also need to be comprehensively considered

Vivian, a senior payment expert in the PayerMax data industry, also introduced the localization operation guide for payments going to the Middle East from a professional perspective. She stated that if overseas companies want to leverage the strong momentum of rapid development in the Middle East region to achieve efficient growth and sustainable monetization, they cannot ignore the localization work of payment as a key link.

The payment environment in the Middle East market is quite complex, and it is unrealistic for overseas companies to rely solely on their own to complete payment localization. With the construction of the cross-border payment industry in the Middle East in recent years, it is much easier for overseas companies to solve this problem than before. They only need to find a one-stop comprehensive payment solution, have local compliance qualifications and licenses, and build a strong team locally, A payment ecosystem service provider that can provide customized services at all stages, that is, it can connect the localized payment links.

The combination of 'overseas licenses, overseas localization, and service ecology' is the key to establishing effective competitive barriers for cross-border payment companies, "Vivian said. As a financial technology company rooted in emerging markets and expanding its global business, PayerMax's business covers 83 countries and regions around the world, including Southeast Asia, the Middle East, and Latin America, supporting over 530 payment methods, over 70 transaction currencies, and more than 20 local languages worldwide, The mainstream payment methods in emerging markets have a coverage rate of nearly 95%, and hold licenses issued by government regulatory agencies in multiple key markets such as Hong Kong, the United Arab Emirates, Singapore, the Philippines, Thailand, Indonesia, and official certifications from global banks, continuously improving payment security.

Through rich and comprehensive products, globalization and localization capabilities, risk control identification methods, and rich channel backups, PayerMax can effectively avoid user churn in the payment process. At the same time, it can intercept risky transactions with appropriate risk control, let go of risk-free transactions, and reduce the chargeback rate. In addition, PayerMax also attempts to rely on its accumulated resources and experience in the localization process to provide customers with professional financial, tax, and legal services beyond payment, and to safeguard customers at the marketing level.

Undoubtedly, the Middle East's overseas trade has entered a new stage of vigorous development. PayerMax and other companies' continuous cultivation here in the past has become the cornerstone of the current stage's overseas trade. With the development of the industry, overseas trade enterprises have also put forward more updated requirements in the localization process. As a cross-border payment platform, PayerMax will continue to focus on customer needs, continue to cultivate local knowledge, and continuously iterate technology and Products empower customer growth Essay stated.

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