Stripe executive on booming cross-border transactions and China businesses going global

Stripe aims to expand in Asia, highlighting growth in China's cross-border trade, with a significant increase in cross-border e-commerce transactions in 2023.

: Stripe plans to grow its presence in Asia, capitalizing on the surge in cross-border transactions, particularly from China. In 2023, China's cross-border e-commerce hit RMB 2.38 trillion, a 15.6% rise from the previous year. Sarita Singh emphasized the growth momentum, noting that Stripe's total payment volume surpassed $1 trillion. The company helps Chinese businesses navigate varying local regulations through its technology.

Stripe is setting its sights on expanding its footprint in Asia, focusing on the booming cross-border transactions sector, especially from China. In 2023, China's cross-border e-commerce achieved a total transaction volume of RMB 2.38 trillion, reflecting a 15.6% year-over-year increase, signaling a strong growth potential for businesses of various sizes.

Sarita Singh, regional head and managing director for Southeast Asia, India, and Greater China, highlighted at Stripe’s annual regional event that the company's impressive growth is aligned with the expansion of the digital economy, now constituting 15% of global GDP. Singh noted that Stripe’s total payment volume crossed the $1 trillion mark in 2023, with the Asian market seeing a 30% growth in cross-border payment volume and a 28% increase in businesses processing $1 million or more annually.

Stripe is witnessing innovation from Chinese businesses across diverse industries beyond just e-commerce, including software, gaming, and digital assets. To support these businesses, Stripe incorporates varying local financial regulations into its technology, allowing companies to concentrate on their core activities while ensuring compliance with constantly changing local laws.

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