Asia is today one of the engines of global economic growth, with a young and growing population. How does this dynamic translate into concrete opportunities for a business like Prosegur Cash?
Asia has established itself as one of the great engines of global economic growth, with GDP expansion rates that in many countries range between 6% and 8% on a sustained basis, accompanied by controlled inflation of around 2% or 3%. We are talking about young, dynamic economies with strong development potential, which naturally adopt modernization and transformation processes.
In this panorama, the use of cash remains well established and continues to be essential to boost consumption and commerce in markets that are growing at high speed. At Prosegur Cash we consider this reality a clear opportunity to accompany this growth by offering cash management solutions adapted to the needs of the territory.
In short, we see Asia as a privileged setting to expand and consolidate our activity, adding value to economies that not only grow, but increasingly demand trustworthy services in the management of this means of payment.
What weight does Asia currently have in Prosegur Cash’s global turnover and what evolution do you expect in the coming years?
The weight of the Asia region in our turnover is approximately 10% and we expect the percentage to increase, taking into account that we are growing above the regional GDPs of the different countries, which already exceed those of other geographies in which we also operate.
It is a region in full dynamism, with young populations, an expanding economy and an environment that generates great outsourcing opportunities.
Furthermore, we see enormous potential in the development of our Transformation Products, as these are countries that, compared to more mature markets, are in a less advanced phase in certain areas. Therefore, they have greater scope to incorporate innovative solutions that provide efficiency, security and modernization in cash management.
Which Asian countries do you consider priorities for business growth and why?
Currently, we have a presence in India, the Philippines and Indonesia, three regions with a key growth profile for our business. They are markets with a very attractive profile for us, since they combine expanding economies, young populations and a high use of cash as a means of payment. The priority is to strengthen our position in them and promote the transformation of our services, taking advantage of the wide margin of development that they still offer compared to other more mature regions.
In Europe and other regions there is a lot of talk about the digitalization of payments. However, Asia is a very heterogeneous continent. What is the reality of cash usage there and what role does it play in everyday life?
In Asia, cash remains very present and deeply embedded in everyday life. It coexists in a very healthy way with other means of payment, which reflects the heterogeneity of the region and the capacity of its economies to combine modernization with traditional practices.
For Prosegur Cash, this reality represents a great opportunity in the outsourcing of cash management services, since money in circulation continues to be key to boosting commerce and economic activity. Furthermore, we see that the authorities of the different countries themselves recognize the importance of this means of payment and support it decisively, thus reinforcing its role in national financial systems.
To what extent does the advance of banking in Asia represent a challenge or an opportunity for a company like yours?
The advance of banking in Asia is, for us, a great opportunity. As banks expand their customer base and strengthen their footprint in the region, the need arises to accompany them to meet this growing demand with secure and efficient cash management solutions.
At the same time, this process opens the door to greater outsourcing opportunities. Banks seek to focus on their core competencies and, in that context, Prosegur Cash can provide great value by assuming those tasks that require specialization and scale, allowing them to be more efficient and competitive.
Competition in Asia is often intense and fragmented. How is Prosegur Cash positioned compared to other local and international players?
In a market as competitive and fragmented as the Asian one, our positioning is based on a value proposition focused on service quality, operational excellence and a determined commitment to Transformation Products, which generate great value for both our direct clients and the end client.
We have a differentiated and, we believe, winning offer, with solutions such as Cash Today or our specialized ATM service services, which make a difference compared to other players. Furthermore, we are confident that the market will naturally tend towards greater concentration in the main players, as has already happened in this industry in other geographies, which will further strengthen our role in the region.
If you look five or ten years from now, what role would you like Asia to play within Prosegur Cash’s global strategy?
If we think about a horizon of five to ten years, our vision is that Asia becomes a central axis of Prosegur Cash’s growth, with a very relevant role within the global strategy and providing differential value to the group.
We want the region to not only be an engine in terms of expansion, but also a benchmark for quality and innovation, capable of promoting new ways of managing cash and developing solutions that benefit both our clients and the company as a whole.