FedEx Express launched on Thursday a low cost, day-definite, customs-cleared, door-to-door service in ten Asia Pacific markets.

FedEx International Economy targets small and medium-sized businesses that have less urgent shipment needs and can wait one to two days longer than those using the premium FedEx International Priority service.

For individual packages under 68kg within Asia and to the United States and Europe, the economy version offers competitive list rates and a money-back guarantee. FedEx said its new service would be able to deliver intra-Asia packages in two business days, and shipments to the U.S. and major markets in Europe typically in three to four business days. There are no weight restrictions for multi-piece shipments.

"We believe there is a clear demand for a service that lies between our premium International Priority express service and the regular postal service," said David L. Cunningham Jr., president, FedEx Express Asia Pacific.

The region has the largest concentration of small to medium-sized enterprises in the world.

The kick-off for the new service took place Thursday in Australia, mainland China, Hong Kong, Japan, South Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand. It will be available in March in Indonesia, the Philippines and Vietnam.