It’s banks turn to think global
At Standard Chartered, we are seeing a rapid growth in the number of smaller businesses that are either expanding directly into foreign markets, or sourcing or selling their goods abroad. Trading beyond borders is an obvious way for SMEs to expand their businesses and tap into new pockets of demand and supply. With growing consumption and a rapidly expanding middle class in China and many other markets across the region, Asia has become a popular choice for SMEs looking for faster revenue growth.
A 2011 report by the Economist Intelligence Unit suggested that around half of European SMEs are now active in emerging markets, with a further one-third considering expanding into these markets in the near future. Likewise, the number of Asian SMEs doing cross-border business appears to be growing. Singapore, for example, has seen a 50 per cent increase in the proportion of SMEs citing overseas expansion as a key strategy, according to a 2011 survey by DP Information Group.
As SMEs become increasingly internationalised, their financial needs change. Trading overseas comes
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