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MAJORITY OF UK EXPORTERS SEE INTERNATIONAL DEMAND RISE IN 2021

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A new survey of 752 UK businesses provides insight into the challenges and opportunities of international expansion. It found:

  • 61% of UK businesses either operate internationally already (45%) or plan to expand overseas by the end of 2022 (16%). Of those:
  • 62% said Brexit prompted them to move into markets outside of the EU
  • 68% have noticed increased demand for their goods and services within international markets
  • 67% have found that having a British brand has enhanced their reputation within international markets

Brexit has driven UK businesses to expand into international markets outside of the European Union (EU), with Brand UK aiding their growth, according to new research from One World Express.

The global logistics firm surveyed 752 decision makers within UK-based businesses. It found that 61% either operate internationally already (45%) or plan to expand overseas by the end of 2022 (16%).

Of those currently selling or planning to sell their products and services outside of the UK, 71% are now exclusively targeting countries beyond the EU for their international expansion.

Indeed, the majority (62%) of exporting companies said that Brexit has prompted them to expand into countries outside of the EU.

One World Express’ research also showed that 67% feel having a British brand or a UK-based operations enhances their reputation and increases overseas demand for their goods or services. A similar number (63%) said markets outside of the EU are more likely to pay a premium for their goods or services.

Most (68%) companies have a clear international expansion plan for the year ahead. Indeed, 67% are confident that they will establish themselves in at least one new international market by the end of 2022 – 75% believe they will have established themselves by the end of 2026.

Atul Bhakta, CEO of One World Express, said: “The fallout from Brexit has posed many challenges for UK businesses throughout the previous year. However, as the dust begins to settle, it’s encouraging to see many companies now seizing opportunities for international growth, with Brand UK evidently helping some to break into new target markets.

“That said, successful international growth will not come without obstacles. Careful planning is required, from thorough market research and resource allocation to comprehensive logistics strategies, each of which will be vital in facilitating sustainable growth.

“The post-Brexit future for UK businesses is certainly looking brighter, with growing demand throughout international markets. Provided careful planning is undertaken, I have every confidence that we will see many organisations go from strength to strength in 2022.”

 

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Russia and Turkey still keep door open to crypto adoption

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Bitcoin dropped around 5% yesterday after the much-anticipated FOMC meeting, where Jerome Powell was more hawkish than expected. Although there was no change to the decision of when to end tapering or hike rates, Powell said that inflation was worse than what was predicted in December, and that they would act more if required. Both equities and crypto fell sharply after the meeting, giving up gains from earlier on in the day.

Crypto is seeing more interest from governments, as the Turkish president Erdogan advised the country’s ruling party to examine the metaverse and cryptocurrencies closely in terms of their potential use. Turkish crypto investors have been very active in buying land in the metaverse. In Istanbul alone, over 11,000 virtual lands are already on the metaverse, with Turkish investors having spent millions.

The Turkish Lira losing value dramatically over the past 2 years has caused many Turks to flock to cryptocurrencies. The Turkish President met with the leader of El Salvador last week, who are the first country to make Bitcoin legal tender. This, alongside the ambition to study cryptocurrencies’ use in more depth, could signal the start of a shift in how the Turkish government views the industry, as they have previously been hostile towards the asset class.

In addition, Russia’s finance ministry has opposed the Russian Central Bank’s call for crypto to be banned, as it would undermine the industry’s technological development. Putin also said that Russia has certain advantages when it comes to Bitcoin mining, because of the country’s surplus of electricity and well-trained personnel. The fact that more and more governments are looking at crypto as an asset class that can provide benefits in staying ahead technologically, is a sign of the asset class maturing. Whether or not Turkey or Russia decides to ban or embrace crypto is still uncertain, although I think they will have no choice but to adopt crypto in the end.

 

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Transact365 launches seamless cross border payments in India

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  • Transact365 enables merchants to transact locally in India
  • Merchants can partner directly with Transact365 without needing to source local partners
  • Transact365 offers two local solutions – Unified Payments Interface (UPI), and NetBanking 

 

UK-based fintech Transact365 has added local India payments for merchants.  By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way.

Transact365 offers two local solutions tailored to the needs of the Indian market – Unified Payments Interface (UPI) and NetBanking.

Developed by the National Payments Corporation of India – UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.

NetBanking is a unique payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365  gateway which allows the user to complete the transaction with the merchant in realtime in local currency.

Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real time with fully automated api connectivity 247 365 Days a year.

Transact365’s launch in India is the first in a series of big market expansions planned for 2022. Having already expanded into Europe, Asia and Australia, Transact365’s payment gateway system ensures merchants of all sizes and sectors can access fast-growing markets seamlessly and quickly.

Dan Fernandez, CEO of Transact365, said: “We are pleased to announce that merchants can now use Transact365 to process payment transactions in India. By utililising local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds.

“Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets. Importantly, our launch in India will soon be followed by similar market expansion announcements throughout 2022.”

 

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