Far East and Central-Southern Asian Countries is a very big area including countries with different profiles but all of them with a very complicated structure in term of data availability, updating and digitalization It means process related to collection and updating data related to companies is in general complicated both in term of rules related to registration, public bodies in charge and data availability itself. Generally speaking, data friction can be considered as high.
A common topic is related to a very important role played from economic point of view from the great part of countries in this area: all of them are showing a very good growth rate if compared to Western Countries and a very high interest in doing business with this area from Europe and US. At the same time, Far East is working at lot with African countries and business partners.
Even if the economic scenario is showing good results and positive outlook, doing business with Far East and Central Asian Countries isn’t easy. In addition to cultural barriers and legislations, also have a clear picture about a business partner isn’t an easy task. This is why data availability isn’t homogenous, local bodies in charge of company registration or other data related to business are acting at local level and very often aren’t connected each other or partially connected. It means very difficult to link data and define level of risk of a potential business partners. Level of digitalization, even if improving, isn’t still spread to all countries and also internally to a specific country can present differences. Legislations is an on going process for countries more and more approaching to an economic liberalism unthinkable few decades ago.
Economic environment is presenting different aspects that linked each other can measure the level of potentiality of the area. Starting from Western countries that are considering Far East at the same time a market essential to fuel growth, both in term of sales and purchase, and a threat for their own goods and services, creating often tension at worldwide level.
From economic point of view, the area is moving very fast, in term of development, future perspectives and ambitious targets. Two of the most important countries, like China and India, are representing a very huge market in term of opportunities at both domestic and global level but with some critical area in term of data availability. From legislations related to company registration processes, rules related to company itself, financial data availability and processes to data accessibility.
In India, economic entities officially acting as registered in public bodies, are a portion of the overall environment. In China, provinces are differently organized in term of data availability and digitalization with of course discrepancies in term of information available and useful to evaluate a subject.
In addition, Far East and Central-Southern Asian economic changes and development must be monitored in order to better understand how this state will be positioned in worldwide scenario.
It’s easy to understand that have a good link and knowledge of the area is really the challenge to get useful information. It means that a real presence on the territories is essential is order to design a clear and valuable picture related to the potential business partner.
SkyMinder, having in mind this scenario, is able to offer Credit Report based on the combination between CRIF companies and the best local providers matching the highest quality standard required by the markets. Following this approach, every economic entity acting on the market, regardless legal form or other firmographic indicators related to its dimension, can be requested via SkyMinder. Credit Report is produced thanks to a fresh investigation flow leveraging on official and unofficial sources and local data. Thanks to this accurate and high quality process, also evaluation data like rating and credit limit are available to best assess the company creditworthiness. Based on Credit Report but with a synthetic content, Slim Reports are including basic official and unofficial data and evaluation information like rating and credit limit. Credit Report and Slim Reports have the same level of updating and data quality. Thanks to a local presence, in countries like China Credit Report via SkyMinder is able to supply data coming from customs from import and expert perspective.
As situation in Asia is really moving fast, is also important have an overview on how a company is changing over the time. This is why via SkyMinder is possible to combine to reports also Planned Revision, a service able to verify periodically is something new is affecting company. This is a very powerful tool to understand how a business partner is acting in a scenario where data collection isn’t automatic and based a very critical flow.
Due to difficulties to get information on companies, especially on not registered but not only, SkyMinder is offering, on a selection of countries, a specific solution called Due Diligence Field Visit report, a document, thanks to site visits of the subject, able to collect information on premises or location or other unofficial details related to a specific firm.
Asian companies are now more and more interconnected with business in different continents: it’s now important understand company structure and shareholding. Thanks to KYC Report is possible to obtain information via SkyMinder. Also financial crimes, d bribery and corruption, terrorism are topics to take care when evaluate a company, both in term of risk management and reputation. In this case, SkyMinder has a double offering with two products, Compliance Check Report and Extended Report, able to verify if company required or shareholders and principals are connected to financial crimes.
Asia is a very complex area in which high data friction is combined to high growth market and data on companies are representing a crucial tool allowing Asian and global companies to develop businesses. Only with a partner like SkyMinder with a strong local presence but at the same time a worldwide presence, is possible to obtain right information to take business decisions.