汇丰 · 2026/08/14

东盟业务扩展机遇

完整研报正文

完整中文译文

东盟业务扩展机遇

有志于在东南亚扩展业务的企业将会发现，该地区提供强大的区域连通性和跨行业的可观机遇。

东南亚充满活力的经济体网络呈现出规模、多样性和经过验证的经济韧性的罕见组合。

东盟十国集团的合计GDP超过3.9万亿美元，总人口接近700百万。1尽管全球环境不确定，该地区六大经济体中五个的年GDP增长率在2025,介于4%和8%之间，远高于全球平均水平。2

东南亚在全球贸易中的重要性也在日益增强，已签订多项区域性和双边自由贸易协定。其地处亚洲中心，战略位置可通往全球经济中最具活力的走廊，包括中国、印度以及中东。随着贸易流向的转变，该地区作为多元化、供应链韧性和增长杠杆的吸引力只会变得更加重要。

多元魅力

东南亚的多元性是其吸引力的关键所在：该地区的主要经济体为各行各业的国际企业提供了丰富的机遇。

对于首次寻求拓展至东南亚的企业而言，新加坡提供了具有吸引力、稳定且税负相对较低的区域总部基地，并拥有完善的法律保护和英语环境。

汇丰近期对全球18个市场的2,700家国际企业开展的调查凸显了这一吸引力：在所调查的市场中，新加坡被评为最具吸引力的拓展目的地。

邻国马来西亚拥有健全的制度框架和发达的金融业，并持续欢迎国际投资，尤其是在科技和数字供应链领域。3印度尼西亚作为该地区最大的经济体，拥有庞大且快速增长的国内市场，对外国企业的准入程度日益提高。4菲律宾则拥有年轻且精通英语的劳动力，并正开放多个行业以刺激外商投资。5

与此同时，泰国正凭借其在制造业和旅游业方面的传统优势，加大对数字基础设施的投资。6越南正迅速崛起为制造业和出口大国，凭借该地区最快的GDP增长之一，持续吸引加工和工业产能方面的投资。7

尽管该地区的贸易和商业联系紧密，但其丰富的文化多样性也可能带来挑战，需要企业具备敏感性和灵活性。

促进区域支付

东南亚各国政府已将跨境支付列为优先事项，并建立了互连的实时支付系统网络，减少了实时零售交易的摩擦。然而，批发跨境支付仍然复杂且缓慢。8在多个市场运营的企业需要仔细规划。

汇丰在印度尼西亚、马来西亚、菲律宾、新加坡、泰国和越南——东南亚最大的六个市场——拥有实地业务，能够通过提供适当的运营模式建议，帮助客户驾驭这一多元文化区域。

我们先进的财资服务帮助该地区的公司优化运营并控制成本。在该地区的大部分地区，客户还可以受益于我们单一连接的数字银行平台，该平台可支持贸易、外汇和现金管理方面的需求，但此类服务可能受到当地监管限制，且并非所有跨境交易都能在数字银行平台上完成。

汇丰可以调用遍布东南亚的现金、贸易、外汇和资本融资专家网络，帮助企业实施涵盖现金池、支付和收款以及外汇管理的跨境解决方案。我们的服务包括30名义现金池和覆盖10种货币的240现金集中结构，并且我们每年处理超过4百万次API调用。

在支付方面，汇丰与当地基础设施的紧密联系为客户在市场中实现顺畅运营带来了强大优势。

在新加坡，汇丰可直接接入MEPS+（该国的批发实时全额结算系统）以及面向零售的FAST服务，两者均可实现即时新加坡元支付。随着我们的数字商户服务平台于2025,年扩展到新加坡，我们在该国的平台现在支持14种不同的支付方式，每年为企业客户处理超过1百万笔跨境交易。

汇丰在菲律宾也可直接接入PESONet和InstaPay。在马来西亚，汇丰通过使客户能够通过DuitNow发送和接收即时转账，以及通过实时全额结算系统RENTAS进行大额支付，支持实时支付。在泰国和越南，我们可直接接入所有主要本地清算系统。在印度尼西亚，汇丰的数字银行平台支持企业客户所需的所有本地支付渠道，确保他们能够处理大额、小额和实时支付（RTGS、SKN和BI-FAST）。

资金管理领域的领先者

在整个东南亚地区，我们先进的资金管理解决方案确保企业能够跨多个账户和币种实现顺畅运营。例如，在马来西亚，汇丰提供涵盖马币、美元、新加坡元和人民币的综合多币种资金池服务。

在泰国，像泰万盛这样的企业利用汇丰的流动性解决方案，自动化地在其总部与美国和欧洲的子公司之间进行双向现金归集。汇丰的数字银行解决方案支持这家全球海产品领军企业的国际业务已超过三十年，帮助其开拓跨境机遇并建立全球影响力。9

汇丰在该地区的实力体现在我们客户群的广度上。我们提供涵盖资金管理和流程优化、风险以及营运资金管理的定制化解决方案，支持众多区域总部和区域资金中心，帮助它们识别和管理风险敞口。

我们为在菲律宾运营的财富500强企业中超过半数的公司提供支持，并为在越南和印尼开展业务的超过60%家入境外资跨国公司提供服务。

汇丰已助力东盟地区一些全球最大、最具创新力的企业实现区域解决方案。我们通过资金和现金管理解决方案，协助一家全球大型能源企业扩展至新加坡。

我们的本地市场专业知识也帮助一家全球工程公司在新加坡立足，我们还支持一家区域性超级应用平台在东南亚的扩张，提供现金管理、外汇和资金管理解决方案，使客户能够在新的市场扩展业务。

我们还在该地区许多最重要的领域拥有领先能力，包括业务流程外包和菲律宾的全球能力中心领域。

在印尼，我们在消费品、自然资源、医疗保健以及电信、媒体和科技等领域的专业专长，使我们的服务与印尼最受瞩目的行业尤为相关。

拓展贸易走廊

对于在东南亚跨境运营或开展贸易的企业，我们的行业和贸易走廊专家可提供宝贵的建议和支持。

我们在东南亚各地的本地中国业务部提供无缝衔接的覆盖和服务，讲普通话的银行家能够支持来自中国的入境投资和贸易流量。

对于进入东盟市场的新进入者来说，挑战往往在于如何驾驭所需的贸易关系，以帮助企业蓬勃发展。例如，在印尼，汇丰通过利用其国际商会会员身份促进外国直接投资流动，通过其与印尼欧盟商会10,、印尼英国商会11和印尼美国商会12的合作，将跨国企业资本与该国投资环境相连接。

这只是客户受益于我们在该地区长期存在的多种方式之一，为他们提供资源和建议，以充分利用他们向世界上最令人兴奋的贸易和商业地区之一扩张的雄心。

来源

[2] https://data.imf.org/en/datasets/IMF.RES:WEO

[3] https://www.mida.gov.my/media-release/malaysia-attracts-rm92-8-billion-in-q1-2026-approved-investments-expected-to-create-over-50000-new-jobs-domestic-investments-up-13/

[4] https://investinasia.id/blog/indonesia-positive-investment-list/

[5] https://boi.gov.ph/dti-boi-palace-approves-2026-sipp-to-accelerate-high-impact-investments/

[6] https://www.thailand-business-news.com/investment/321188-thailand-fdi-surges-37-to-43-6b-in-h1-2026-led-by-ai-data-centers

[7] https://vir.com.vn/vietnams-realised-fdi-reaches-five-year-high-in-first-half-156057.html

[8] https://amro-asia.org/asean3-has-made-strong-progress-on-cross-border-payment-connectivity-but-more-work-lies-ahead/

[9] https://www.business.hsbc.co.th/en-gb/insights/growing-my-business/growing-internationally-with-thai-union-group

[10] https://www.linkedin.com/posts/eurochamindonesia_on-23-july-2025-eurocham-was-pleased-to-activity-7353989807041114112-MX-u

[11] https://www.linkedin.com/posts/charles-kho-6507031a2_uk-indonesia-cepa-activity-7489816712104529921-jm10

[12] https://www.linkedin.com/posts/amcham-indonesia_amcham-hsbc-shuffle-activity-7389583674670968832-rXaN

完整英文原文

Ambitious businesses looking to expand in Southeast Asia will find the region offers strong regional connectivity and compelling opportunities across a range of industries.

The dynamic network of economies in Southeast Asia presents a rare combination of scale, diversity and proven economic resilience.

Combined GDP across the 11-member ASEAN bloc exceeds USD3.9 trillion, while the total population is approaching 700 million people.1 Annual GDP growth in five of the six biggest economies in the region ranged between 4% and 8% in 2025, well above the global average despite an uncertain global environment.2

Southeast Asia is also increasingly important in global trade, with numerous regional and bilateral free trade agreements in place. Its strategic location at the heart of Asia provides access to some of the most dynamic corridors in the global economy, including to China and India, or to the Middle East. As trade flows shift, the region’s appeal as a lever for diversification, supply chain resilience and growth is only becoming more important.

Diverse appeal

Southeast Asia’s diversity is a key part of its appeal: the region’s major economies have much to offer for international businesses across a broad range of industries.

For businesses looking to expand into Southeast Asia for the first time, Singapore provides an attractive, stable and relatively low-tax base for a regional headquarters, with strong legal protections and an English-language ecosystem.

A recent HSBC survey of 2,700 international businesses in 18 markets globally underlined the appeal: Singapore ranked as the most desirable market for expansion among the markets surveyed.

Neighbouring Malaysia offers a strong institutional framework and a well-developed financial sector, and continues to welcome international investment, especially in technology and digital supply chains.3 Indonesia, the region's largest economy, presents a vast and fast-growing domestic market that is becoming increasingly accessible to foreign entrants.4 The Philippines also boasts a young, English-speaking workforce and is opening up various sectors to stimulate foreign investment.5

Thailand, meanwhile, is building on its traditional strengths in manufacturing and tourism with investments in digital infrastructure.6 Vietnam is fast emerging as a manufacturing and export powerhouse, drawing sustained investment into processing and industrial capacity on the back of some of the fastest GDP growth in the region.7

While trade and business connections are strong across the region, its rich cultural diversity can also present challenges that require sensitivity and flexibility.

Facilitating regional payments

Governments in Southeast Asia have made cross-border payments a priority and have established an interlinked network of real-time payment systems reducing frictions for real-time retail transactions. Wholesale cross-border payments, however, remain complex and slow.8 Businesses with operations in multiple markets need to plan carefully.

With an on-the-ground presence in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – the six largest markets in Southeast Asia – HSBC can help clients navigate this multicultural region by advising on appropriate operating models.

Our sophisticated treasury offerings help companies across the region optimise their operations and control costs. In much of the region, clients can also benefit from our single connected digital banking platform that can support needs across trade, FX and cash management, although such offerings may be subject to local regulatory restrictions and not all cross-border transactions can be facilitated on digital banking platforms.

HSBC can call on an extensive network of specialists in cash, trade, FX and capital financing across Southeast Asia to help businesses implement cross-border solutions covering cash pooling, payments and collections and FX management. Our offering includes 30 notional pools and 240 cash concentration structures covering 10 currencies, and we handle more than 4 million API calls each year.

On payments, HSBC’s connections to local infrastructure bring powerful advantages to clients looking for smooth operations in-market.

In Singapore, HSBC has direct access to MEPS+, the country’s wholesale real-time gross settlement system (RTGS), as well as the retail-targeted FAST service, both allowing instant SGD payments. And with the expansion of our Digital Merchant Services platform into Singapore in 2025, our platform in the country now supports 14 different payment methods, processing more than 1 million cross-border transactions for corporate clients each year.

HSBC also has direct access to PESONet and InstaPay in the Philippines. In Malaysia, HSBC supports real-time payments by enabling customers to send and receive instant transfers via DuitNow, as well as high-value payments through the real-time gross settlement system RENTAS. In Thailand and Vietnam, we have direct access to all major local clearing systems. In Indonesia, HSBC’s digital banking platform supports all local payment channels required by corporate clients, ensuring they can handle high-value, low-value and real-time payments (RTGS, SKN and BI-FAST).

A treasury champion

Across Southeast Asia, our sophisticated treasury solutions ensure smooth operations for companies across a range of accounts and currencies. In Malaysia, for example, HSBC offers integrated multi-currency pooling across MYR, USD, SGD and RMB.

In Thailand, businesses like Thai Union use HSBC’s liquidity solutions to automate bi-directional cash sweeping between its headquarters and its subsidiaries in the US and Europe. HSBC’s digital banking solutions have supported the global seafood leader's international operations for over three decades, helping it pursue cross-border opportunities and establish a global presence.9

HSBC’s capabilities in the region are reflected in the scope of our client base. Our range of customised solutions across treasury and process optimisation, risk, and working capital management support many regional headquarters and regional treasury centres, helping them to identify and manage their risk exposures.

We support more than half of the Fortune 500 companies that operate in the Philippines, and more than 60% of inbound multinational corporations doing business in Vietnam and Indonesia.

HSBC has helped enable regional solutions in ASEAN for some of the world’s biggest and most innovative companies. We facilitated the expansion of a major global energy company into Singapore through our treasury and cash management solutions.

Our local market expertise also helped a global engineering company to establish a presence in Singapore, and we also supported the expansion across Southeast Asia of a regional super-app platform with cash management, FX and treasury solutions that enable clients to scale operations in new markets.

We also have leading capabilities in many of the most important sectors for the region, including business process outsourcing (BPO) and the global capability centre (GCC) segment in the Philippines.

In Indonesia, our dedicated expertise in sectors such as consumer goods, natural resources, healthcare and telecoms media and technology (TMT) make our offering particularly relevant to the country’s highest profile industries.

Expanding trade corridors

For businesses operating or trading across borders in Southeast Asia, our industry and trading corridor specialists can provide valuable advice and support.

Our local China desks across Southeast Asia provide seamless coverage and service, with Mandarin-speaking bankers able to support inbound investment and trade flows from China.

Often the challenge for a new entrant into an ASEAN market is navigating the trade relationships that are needed to help business to flourish. In Indonesia, for example, HSBC facilitates FDI flows by leveraging its membership of international chambers of commerce, connecting multinational corporate capital to the country’s investment landscape through its work with EuroCham Indonesia10, BritCham Indonesia11 and AmCham Indonesia12.

It’s just one of the ways in which clients can profit from our longstanding presence in the region, providing them with the resources and advice to make the most of their ambitions as they expand into one of the most exciting trade and business regions of the world.

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