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  Cultural Differences in Internationalization of SMEs in Asia

  Cultural differences in internationalization are defined in Hofstede’s methodology and examined in the internationalization settings in Asia of international small and medium-sized enterprises. The objective is to be determined whether cultural differences exert any effect on the internationalization of enterprises in Asian countries in the ... Cultural differences in internationalization are defined in Hofstede’s methodology and examined in the internationalization settings in Asia of international small and medium-sized enterprises. The objective is to be determined whether cultural differences exert any effect on the internationalization of enterprises in Asian countries in the context of their internationalization approaches. On the basis of the theoretical review it is deducted that in most cases disregardance of Asian cultural differences can result in negative consequences for the internationalization of small and medium-sized enterprises as well as that the network approach to internationalization dominates in the field. The research paper elucidates the necessity for overcoming cultural differences in internationalization in Asian countries as well as the significance of cultural differences in internationalization approaches.

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  In memory of Prof. Dr. Hristo Marinov

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  The Changes in the Banking Industry under the Influence of the Digitalization Process in the Conditions of Covid-19 Pandemic

  The market capitalization on the world banking market reached USD 7.2 trillion, and on the digital banking market - more than USD 800 trillion. The average annual growth of 4% has long been a stable source of income for banks. The development of digital consumer lending and payment systems is also attracting non-banking players, who are expanding ... The market capitalization on the world banking market reached USD 7.2 trillion, and on the digital banking market - more than USD 800 trillion. The average annual growth of 4% has long been a stable source of income for banks. The development of digital consumer lending and payment systems is also attracting non-banking players, who are expanding their influence in institutional business, which makes the corporate banking market dynamic. The profound change brought about by the open and interconnected corporate banking ecosystem is taking place in conditions of extreme change, zero interest rates and a surplus of money supply. Although some areas of the financial markets are less exposed to these significant shocks, it is impossible to protect them from development in an open ecosystem. These changes may even be slower or less pronounced in some services, such as structured lending, large corporate payments, but technological developments are also taking place. Working with 'full vaults', emerging FinTech competitors, the COVID-19 pandemic and the slower-than-expected recovery of global supply chains are all challenges that banks need to address and are the subject of this study.