To: chirodoc who wrote (1365 ) 5/4/1999 1:35:00 AM From: Francois Goelo Read Replies (1) | Respond to of 10354
Good news for ZSUN's Training Seminar Division and Swiftrade...Internet Electronic trade heads for boom as Asia crawls out of recession AGENCE FRANCE-PRESSE in Singapore Asians are fast catching on to Internet shopping but the bonanza is in business-to-business electronic commerce, which looks set for explosive growth as the region rebounds from financial turmoil. According to a forecast issued by credit card giant Visa International, consumer e-commerce worldwide could top US$100 billion by 2002, of which $10 billion would be generated in the Asia-Pacific region. It would be a dramatic rise from the estimated $900 million generated in the region this year and just $300 million last year, although it remains far behind US e-commerce levels. "This region is experiencing quite significant growth," said Mark Cullimore, director of emerging technologies for Visa in the region. "We think that among those communities that are enabled, where people have PCs, there is actually very good usage. Singapore is a very good example," he said. But forecasts show electronic commerce among companies, banks, government agencies and other institutions will far outstrip the consumer variety. Visa says business-to-business trading over the Internet is expected to exceed $1 trillion worldwide annually by 2003, with Asia-Pacific markets accounting for 20 per cent of the total. E-commerce trading allows businesses to reach a wider market while cutting costs, saving time and eliminating tonnes of paperwork. Big e-commerce players are now positioning themselves in the Asia-Pacific region to cash in when the anticipated boom comes. Recession-hit Asian economies are now showing signs of recovery from the financial crisis which began in mid-1997. Consumer confidence is rising, industrial output is picking up, and inflation has been tamed. US financial giant Citibank last week chose Asia for the global launch of a system providing corporate clients with comprehensive e-commerce capabilities without having to set up their own infrastructure. The service, Citibank Commerce, will allow firms to conduct online business, from ordering goods to making payments and reconciling transactions. The point-and-click service initially will be available in Hong Kong, Australia, Malaysia, the Philippines, Singapore and Thailand. The service (www.citicommerce.com) will be introduced later in Europe, followed by the United States and Latin America. The clients' regular buyers will be issued electronic "smart cards" with digital signatures and protected by passwords, enabling them to transact business securely via the Internet. "We're revolutionising the Internet revolution by putting banking into e-commerce," said Michael Contreras, division executive for Southeast Asia Pacific of Citibank Global Corporate Banking. More advanced economies in Asia have ambitious plans for business-to-business e-commerce, although they still lag far behind the US market, expected to account for almost 60 per cent of Internet commerce in 2003. In Singapore, where Internet access is widespread and tax returns can be filed by computer, the government's e-commerce master plan calls for $2.35 billion in products and services to be transacted electronically by 2003. In Malaysia, total e-commerce transactions are expected to hit $1 billion by 2001, from $95 million this year. Japan is seeing high e-commerce growth thanks to growing Internet access. "This increase in Internet access will also give a further boost to electronic commerce, which is already seeing explosive growth in Japan," said Minister of Posts and Telecommunications Seiko Noda. At $680 million, the Japanese e-commerce market is now 120 times bigger than three years ago, he said, but compared with the US, "Japan still has room to grow". In South Korea, total e-commerce turnover is forecast to grow from $46 million last year to 3.8 trillion won (about HK$24.77 billion) per year in four years. "E-commerce has yet to become active here but once it gets started, it will grow by leaps and bounds," an official of the Information-Communication Ministry said.