Business Expansion Challenges for SMEs in Asian Markets: Insights from DBS Bank Hong Kong Survey
Overview of Business Expansion
Business expansion is a top priority for SMEs in Hong Kong and southern Guangdong province, with a survey conducted by DBS Bank Hong Kong highlighting the aspirations of small and medium-sized enterprises to penetrate Asian markets. However, they are facing several hurdles including legal issues and cultural differences.
Key Findings from the Survey
- Access to financing is one of the biggest concerns for business owners.
- Over 80% of SMEs in Hong Kong and the Greater Bay Area are actively engaged in expansion.
- Legal, tax, and compliance challenges hinder regional expansion.
Insights from Business Leaders
Lareina Wang, executive director of SME banking at DBS Hong Kong, emphasized that a solid policy framework is essential for supporting SMEs in overcoming today’s market challenges. The survey findings illustrate the resilience and ambition of these businesses.
Supporting SMEs’ Expansion in Asian Markets
- Efficient banking solutions for cross-border payments can alleviate issues.
- Demand for information on market-entry strategies remains high.
- SME owners hope for enhanced funding assistance from the government.
Challenges Ahead for Business Expansion
Moving forward, SMEs will need to tackle regulatory issues and cultural barriers to ensure successful market entry. Major banks like HSBC have committed to supporting local businesses with expedited loan processes.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.