There are a growing number of East Asian companies which have successfully entered and driven sales in the UK and European markets. Across several different industries, including automotive, manufacturing, technology, digital and healthcare, there are many benefits to East Asian companies to accelerate market access and growth across Europe.
One example of these companies is leading Korean artificial intelligence (AI) and machine learning data specialist company INFINIQ, which announced the establishment of their overseas sales corporation and European headquarters in Luxemburg in January 2021. This market entry was supported by the Luxembourg Trade and Investment Office (LTIO) in Seoul, and by Luxinnovation, a national innovation agency which supports companies’ growth whilst facilitating their collaboration with public research players.
Japanese FinTech Doreming also launched in London, UK in May 2020, with their facilitation of financial automation by a cloud-based human resources platform, specifically targeted at small-to-medium business, with an aim to reducing costs and time through acceleration of digitisation in remote working during the COVID-19 pandemic in 2020. Since launching the company in the UK, Doreming also have business in Singapore and the US, highlighting the UK and Europe as a possible gateway to larger global markets.
Larger companies from East Asia have also achieved success in the European market. Chinese mobile and online payment platform Alipay partnered with Barclaycard in the UK in March 2019 to facilitate UK retailers capitalise and accelerate sales from Chinese tourists to the UK and across Europe. This strategic partnership in FinTech allows Alipay to offer an increased number of UK retailers to engage more with Chinese tourists, which exceeded revenue in £1bn in 2019 alone. This company, amongst many others, highlights the potential for East Asian companies to enter and grow across the UK and European markets in an increasing number of multiple industries.