Cross-Border Payment Infrastructure and International Business In Asia: A Narrative Review Of SWIFT’s Operational And Regulatory Challenges
DOI:
https://doi.org/10.53555/jaes.v22i1.106Keywords:
Cross-border payments, International business, Sustainable entrepreneurship, Financial infrastructure, AsiaAbstract
International business increasingly relies on cross-border payment systems to facilitate trade, investment, and global supply chain coordination. Payment infrastructures play a critical role in shaping transaction efficiency, regulatory compliance, and access to international markets, particularly in rapidly growing Asian economies. This study offers a narrative review of cross-border financial transactions conducted through global financial messaging networks, examining the operational and regulatory challenges that influence sustainable entrepreneurship in Asia. The review highlights persistent operational frictions, including transaction complexity, processing delays, cost inefficiencies, and uneven technological capacity across countries. These challenges are compounded by regulatory pressures related to financial integrity, sanctions enforcement, and data governance, which collectively increase compliance burdens for firms and financial institutions. The analysis further demonstrates that such constraints disproportionately affect small and medium-sized enterprises and sustainability-oriented ventures, limiting their ability to participate effectively in international business and sustainable trade. By integrating perspectives from international business, financial infrastructure, and sustainability-oriented entrepreneurship research, the study underscores the interconnected nature of payment efficiency, regulatory governance, and entrepreneurial resilience. Emerging technological and strategic responses aimed at improving transparency, speed, and reliability in cross-border transactions are also discussed. The study concludes that enhancing payment system efficiency and regulatory coordination is essential for supporting sustainable entrepreneurship and inclusive economic development across Asia.
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