PrimeGlobal Asia Pacific Region Reports Triple Digit Growth
Business OpportunitiesJuly 12, 2021
PrimeGlobal Asia Pacific region is proud to report a combined annual global firm revenue increase or 247% in the year 2020/21.
Highlights for AP region:
- Aggregated member firm revenue growth of 247% for the year ending May 31, 2021
- Growth across all service lines, with markable growth in Advisory services at 14%
- Staff growth in PrimeGlobal member firms is at 113% while number of partners grew by 72%
- Number of offices and locations grew by 44%
Customised Value Proposition
This year the AP region experienced great success in recruitment of new firms across all subregions. PrimeGlobal staff spent time listening to firms’ needs in order to customize the value approach to what leading new firms are looking for. For example, in China firms require audit support to audit State Owned Enterprises which have investments globally. We connect the AP firms to the right firms across regions. PrimeGlobal also developed regionally relevant webinars, including webinars in Mandarin and other local languages. The staff worked hard to make personal introductions between AP firms to other firms around the world, which has helped with mutual understanding and business opportunities.
Focused Recruitment and Business Opportunities
The recruitment efforts were particularly focused on Greater China and ASEAN this year. These two subregions are particularly dynamic due to a growing middle class looking for new products and services. The Regional Comprehensive Economic Partnership (RCEP) will open up trade – 15 Asia Pacific Nations are part of this and PrimeGlobal firms are ready to provide support and collaboration. More opportunities for business are on the way. 11 members of the Trans-Pacific Partnership trade bloc have agreed to open accession talks with the UK, leading to new opportunities.
As part of PrimeGlobal’s Strategy 2025 developing partnerships to extend service and reach has been one of the key strategic initiatives, leading to organic growth of member firms. In 2020/21 PrimeGlobal partnered with a number of key organisations, including ACCA, to provide more relevant coverage and training opportunities. PrimeGlobal also partnered with IFAC to promote high standards across the region.
Innovation and Sharing Practices
PrimeGlobal AP firms have hosted webinars to create more understanding globally of doing business in the region – for example webinars around IPO in Hong Kong presented to international colleagues. Many firms experienced difficulties as many global software packages are not customised to meet Chinese firms’ needs and efficiency is therefore a challenge. PrimeGlobal focused on sharing practices to helps firms consider ways they can work together to overcome this. Firms have developed cloud analytics and real time reporting packages which are relevant to the region and address complex legislation in markets like China. For example PrimeGlobal Chinese member firm SJGrand developed a software for payroll in China and shared experiences with other members. PrimeGlobal put a spotlight on innovation of its member firms and help them share knowledge and insights, leading to more organic growth within PrimeGlobal firms.
PrimeGlobal continues to anticipate changes and look for opportunities for member firms, and enable firms to work together. For example see this event with PrimeGlobal UK firm Hurst and Australian firm Hall Chadwick as an example of collaboration.
By working as one, and showing the relevance of a global association to AP firms, PrimeGlobal enhanced its value proposition and attracted a number of modern and forward-looking firms. Many of the incoming firms shared that they recognized the modern strategic outlook and added value offered by PrimeGlobal and wanted to become a part of the incredible growth and sharing our member firms are widely known for.