Issues

Critics of globalization are weary that the sole winners in emerging markets are large enterprises that can take on the costs associated with selling internationally. The expansion of the internet economy, however, has fundamentally changed the economics of cross-border trade and could broaden SME participation in the global supply chain and yield a more inclusive form of globalization. As a champion for small businesses around the world, PayPal sees evidence that small businesses in Argentina, Colombia, India, Kenya, Vietnam and South Africa are realizing the benefits of globalization and trade.

Open Banking in Asia is emerging as a topic that can really change the consumer experience in terms of how they access their data and access service such as payments. The payments industry in Asia can learn from other global markets, but the opportunity is also for Asia to be the master of its own destiny. PayPal partnered with the Emerging Payments Association (EPA) of Asia along with Asia Pacific Financial Forum (APFF) to conduct regional research on Open Banking across Asia. The research consists of fundamental market research, a regional survey (targeted at payment professionals), and also a supplier directory of firms involved in Open Banking.

European small businesses play a central role in the EU economy. They add jobs, stimulate growth and build communities. The growth of digital commerce provides more opportunities for entrepreneurs to expand across the EU and around the world. However, there remains untapped potential for small businesses as barriers still persist for full global expansion. Digitization can address some of those barriers as it democratizes commerce and changes the calculus of who can fully engage in cross-border trade.

Hundreds of millions of people send and receive international remittances every year. Over 258 million people currently live outside their country of birth. This number is up from 173 million in the year 2000. Sending money back home to family is a part of the social contract many of these migrants make when they leave in search of a better life. Unfortunately, the process for sending and receiving remittances remains archaic and ultimately costs migrants and their families millions of hours and billions of dollars every year.

Canada is a global powerhouse for important trade sectors and the global trade environment is rapidly evolving due to the proliferation of technology, in particular internet and mobile technology. This transformative technology creates opportunities for even the smallest of businesses to effectively reach customers across Canada and around the world. As a global e-commerce ecosystem leader, and a champion for Canadian entrepreneurs, PayPal sees firsthand how digital solutions can help Canadian businesses harness the power of the digital economy to innovate and grow.

Retail financial services were designed for a world where individuals had a handful of fixed salaried jobs over the course of their lives. There is an increasing consensus that this will no longer be the case going forward. Online platform economy, entrepreneurship, socio-demographic shifts, and continued technological advances are rapidly evolving the way in which people work. The future of work presents an opportunity to reimagine the retail financial services ecosystem, institutions, and products. The public and private sector must align around the goal of enabling every worker to lead a financially healthy life in the future.