As the economic growth rate in developed countries continues to slow, the base of the pyramid (BoP) business targeting low-income groups in emerging countries has begun to attract attention as a new business model. The South Asian market, which is dominated by the low-income class, has various institutional voids, unlike the market in developed countries with complete systems and systems. The institutional complexity and uncertainty faced when entering the South Asian market is a barrier to market entry. However, there’s an emerging stream of literature that shows that such complexities instead provide opportunities for entrepreneurship, while acknowledging that the exploitation of such opportunities is a demanding task that calls for social, political and cultural skills. This study introduces the case of system improvement and business environment innovation in accordance with the new market environment in the South Asian market. These are L'Oreal, which innovated the cosmetics sales network and distribution network in India, Grameen Bank, which presented a new loan system for low-income people and ICICI Bank, which supported domestic companies' overseas expansion. The main contents of this study are as follows. First, the research team looked at what existed in the institutional voids across the politics, economy, society and culture faced by Multinational Companies and Emerging Giants entering the South Asian market. Second, we analyzed the strategy and business model to overcome institutional voids. Through this, a strategic choice for entry into the South Asian market was suggested.