Improved Payment and Financial Solutions by WorldFirst to Enhance Services for Merchants Operating internationally
WorldFirst, a prominent provider of cross-border payment and financial services, has been making substantial strides in aiding small and medium-sized enterprises (SMEs) in China to expand their businesses internationally.
In 2013, Wang Hao, a former resident of Harbin, moved to Shenzhen to explore e-commerce. His journey took a positive turn in the mid-2010s when he and his college roommate made their first significant earnings from a Singles' Day event. Today, Wang Hao's company generates over RMB 40 million (USD 5.5 million) in revenue annually, focusing on quality products with high inventory turnover.
One of the companies that have benefited from WorldFirst's services is Xinhuanya, a Shenzhen-based company that sells goods to Southeast Asian markets through cross-border platforms.
WorldFirst's ecosystem aims to cultivate cross-border giants and offers companies a path to seek support while exploring international expansion. This ecosystem is being developed with an investment of RMB 100 million (USD 13.8 million) to support over 100,000 outbound Chinese businesses.
WorldFirst has launched WorldTrade, a platform that seamlessly integrates business and fund flows. This platform, unveiled at the Canton Fair in April, promises to increase order payment efficiency tenfold and reduce costs by over 30%.
In addition to WorldTrade, WorldFirst offers a wide array of financial services to businesses of all sizes. These include credit enhancement services, unsecured credit loans, insurance, and more. The company has partnered with eight 'Globally Systemically Important Banks' (G-SIBs) to enhance the security of client transactions.
Recently, WorldFirst announced an upgrade to its cross-border payment and financial toolkit for merchants. This upgrade allows China-based SMEs to open a multi-currency account for accessing currencies used across 200 countries and regions. WorldFirst account holders in China can now receive payments in over 30 currencies, up from the previous 14. Payments can now be made in over 100 currencies with WorldFirst, up from 41.
Access to reliable international payment and financial services remains a challenge for SMEs. However, with WorldFirst's notable fraud prevention track record in the industry and its commitment to supporting Chinese businesses, the landscape is changing for the better.
WorldFirst has also obtained a Malaysia MSB (Money Services Business) license through Ant International for cross-border payment services. While there are no specific publicly available details naming particular partner banks or financial institutions related to WorldFirst improving the security of customer transactions, the company's partnership with G-SIBs is a testament to its commitment to security and reliability.
In the first quarter of 2024, the number of Chinese merchants on WorldFirst's platform expanding overseas increased 56% year-on-year. Hu Xiongfei, deputy general manager of Xinhuanya, believes that companies can respond and adapt quickly by leveraging digital tools like WorldFirst's services.
As WorldFirst continues to grow and evolve, it is poised to play a significant role in the cross-border expansion of Chinese SMEs, providing them with the tools they need to succeed in the global market.
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