US-based digital payments company Stripe is reportedly planning to embark on Asia expansion after increasing its total number of employees in the region by 40% this year.
Stripe aims to expand in Southeast Asia, Japan, China, and India markets after hiring over 200 people in the region, Reuters reported.
Stripe APAC business head Noah Pepper said that the company was rapidly adding engineers to its workforce.
Its job postings on the employment platform LinkedIn suggest that Stripe is looking for experienced people in the said markets, the report added.
Pepper said: “APAC is not just the world’s fastest-growing market, but it’s such a fragmented market with different laws, languages, currencies, and in some cases currency controls.”
Pepper added that the company was working to adapt the regulations and preferred payment methods of each country.
In particular, in Japan, Pepper said that Stripe was onboarding merchant partners by shortening the payment processing time from weeks to days.
He said that Stripe is preparing to facilitate “konbini” payments method for merchants, through which customers can shop online and pay in cash in-store.
Earlier this year, the payments firm launched a pilot project in Indonesia to enable interbank transfers for businesses.
Launched in 2010, Stripe provides merchants with digital payments acceptance solutions and other business banking services.
Last month, Stripe was in the news for holding talks to raise fresh capital at over two-fold increase in its valuation than the previous funding round.
Back in April 2020, Stripe secured $600m funding at a valuation of $36bn.