EBANX Targets $610B Asian Market in Bold Cross-Border Payment Expansion

SINGAPORE – April 17, 2026 – Global payments technology company EBANX announced today its significant expansion into five new high-growth markets: Thailand, Indonesia, Malaysia, Vietnam, and Turkey. The move positions the firm to unlock a combined digital commerce market valued at over USD 610 billion, connecting international businesses with more than 1.1 billion consumers across seven Asian economies.

This strategic push follows a series of foundational investments in the region, including the inauguration of an Asia-Pacific headquarters in Singapore and securing a coveted Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The five new markets alone represent 386 million consumers and are projected to see spending grow by a staggering 97% over the next decade, a rate far exceeding that of established markets in Europe and North America, according to data from Payments and Commerce Market Intelligence (PCMI) and World Data Lab.

A Strategic Pivot to Asia's Booming Digital Economies

The expansion marks a deliberate pivot for the Brazil-founded company, which specializes in facilitating cross-border payments in emerging economies. With existing operations in India and the Philippines, the addition of these five countries solidifies EBANX's commitment to becoming a critical infrastructure provider in Asia's rapidly digitizing landscape.

"Asia is where the world’s fastest-growing consumer base is, and also where some of the most ambitious digital companies are headquartered," said João Del Valle, Co-founder and CEO of EBANX. "Our investment in the region allows us to be closer to both. Global companies need local payment infrastructure to reach Asian consumers, and Asian companies need that same expertise to sell internationally. The opportunity runs in both directions."

The growth forecasts for these markets are compelling. Vietnam leads the pack with a projected 22% compound annual growth rate (CAGR) through 2027, followed closely by Indonesia at 19%. Turkey, Malaysia, and Thailand are also poised for robust expansion at 15-16% annually. For global merchants seeking diversification beyond mature markets, this represents a vast and waiting consumer base, with international transactions already accounting for 30% of e-commerce volume in Thailand and Malaysia.

The regulatory groundwork laid in Singapore is crucial to this strategy. The MPI license from MAS provides a strong regulatory anchor, allowing EBANX to conduct high-volume cross-border money transfers and merchant acquisition services, lending significant credibility and operational stability to its regional ambitions.

Navigating the 'Card-Skipping' Revolution

Success in Southeast Asia requires more than just market presence; it demands a deep understanding of a payment ecosystem fundamentally different from the West. Unlike other emerging markets that gradually adopted credit and debit cards, many countries in this region leapfrogged directly from cash to digital-first payment methods.

This 'card-skipping' phenomenon is driven by a young, mobile-first population. "Southeast Asia has one of the youngest, most digitally fluent consumer populations in the world," explained Eduardo de Abreu, Chief Product Officer and regional CEO of EBANX Singapore. "Many of them got their first smartphone before they ever had a bank account, and certainly before they had a credit card. Digital wallets and instant transfers solved a real problem for a generation that was already living online.”

Statistics bear this out. E-wallets and account-to-account (A2A) transfers now dominate the e-commerce landscape, accounting for 65% of transactions in Thailand and 61% in Indonesia. In fact, research shows Gen Z holds the largest share of online spending in Southeast Asia and India, a unique demographic trend globally. This fragmented landscape of dozens of popular e-wallets and instant payment systems, while empowering for consumers, has become a significant barrier for global companies, often leading to poor payment conversion rates and stalled growth.

The Competitive Gauntlet and Localized Solutions

EBANX is not entering a vacuum. The payment landscapes in these new markets are bustling with established local and international players. In Indonesia, payment gateway Xendit has a strong foothold, while Vietnam's e-wallet market is a fierce battleground between giants like MoMo, ShopeePay, and ZaloPay. In Turkey, providers such as iyzico and PayU offer sophisticated local services. Meanwhile, government-backed initiatives like Thailand's PromptPay and Indonesia's QRIS are unifying domestic payments and expanding cross-border capabilities.

EBANX's strategy hinges on mastering this complexity rather than trying to replace it. The company plans to integrate over 20 distinct local payment methods across its seven Asian markets. This includes the most popular digital wallets, QR-based systems, and real-time bank transfer networks in each country. By acting as a single integration point for merchants, EBANX aims to solve the fragmentation problem that hinders so many international businesses.

"The global companies we talk to about Southeast Asia are no longer asking about the region’s potential; they are asking how to unlock that potential and achieve high conversion rates," Abreu stated. The company's Singapore headquarters is positioned to provide the operational proximity needed to build and maintain these country-specific solutions.

This approach aligns with the broader regional trend toward payment interoperability. ASEAN nations are actively linking their national payment systems, enabling seamless cross-border QR payments between countries like Thailand, Indonesia, and Singapore. By integrating these local networks, EBANX is positioning itself not just as a gateway for Western merchants, but as a facilitator within the increasingly interconnected Asian digital economy. Operations in Indonesia, Thailand, and Turkey are already live, with Malaysia and Vietnam scheduled to launch in the coming quarter.