We are thrilled to announce that DSGPay has been featured in the latest comprehensive cross-border payments analysis by PitchBook, “Currency Crossroads: A Cross-Border Payments Deep Dive.” This in-depth analysis explores the dynamic landscape of cross-border payments, highlighting market opportunities, key players, growth drivers, and business models transforming global finance.
PitchBook Data, Inc. is a leading financial data and software company that provides comprehensive and accurate information on the private and public financial markets. Their detailed reports and in-depth analysis help businesses, investors, and other stakeholders make informed decisions by offering insights into market trends, investment opportunities, and financial performance.
DSGPay is among the top-valued companies featured in PitchBook’s analysis, which showcases our strength in the cross-border payments market and recognizes our potential for continued growth. DSGPay’s unique and innovative business model has positioned us as a key player in Asia.
Key Insights from the Cross-Border Payments Analysis Report
Market Overview
The cross-border payments market, which encompasses both wholesale and retail transactions, is projected to grow significantly. International payment flows are expected to reach $290 trillion by 2030.
Revenues from cross-border payments totalled $193.3 billion in 2023, with wholesale and retail B2B payments constituting the majority.
Industry Challenges and Solutions
The traditional correspondent banking system, plagued by inefficiencies, high costs, and slow speeds, remains a significant obstacle.
Innovations in financial networks, blockchain technology, and the adoption of ISO 20022 are streamlining cross-border payment processes, enhancing interoperability, and reducing costs.
DSGPay’s Role and Achievements
DSGPay, founded in 2014 and headquartered in Singapore, specializes in facilitating international payouts and collections for businesses in Asia through multicurrency virtual accounts. The company’s robust partner network and deep integration with local Asian payment networks enable it to offer cost-effective and efficient solutions for underserved businesses in the region.
CEO Dwight Willis’s Insights
In an exclusive interview for the report, DSGPay’s CEO and Director, Dwight Willis, shared his perspective on the complexities and competitive advantages of obtaining regulatory licenses.
“It’s the length of time, the effort, and the cost that goes into applying for licenses that makes obtaining them so difficult and complex,” Willis stated. “If you want to obtain one in some of the leading countries, you’re looking at potentially hundreds of thousands of dollars in spending for resources like consultants, lawyers, and accountants. And requirements coming from regulators and payment organizations are becoming more complex. The regulators want to see from you that you can run the business, adhere to local rules and regulations, and you’re not going to be a risk to their systems. To justify all the license costs, you need to have the volume and scale.”
Industry Outlook
The report also underscores the potential of disruptive technologies and the significant role of established financial players like Visa and Mastercard in the cross-border payments space. As the industry continues to evolve, companies that can navigate regulatory landscapes and leverage innovative technologies will be well-positioned for success.
We are honoured to be recognized in PitchBook’s Currency Crossroads report as a leading player in the cross-border payments market. This acknowledgement affirms our commitment to delivering top-notch and innovative financial solutions for our clients and our continued efforts to drive the industry’s growth and development. We look forward to leveraging our position and expertise to make international payments simpler, faster, and more affordable for businesses in Asia and beyond. Dive deep into the full report to uncover detailed insights and trends. Click here to access the comprehensive Cross-Border Payments Analysis and stay ahead of the curve.
