WorldFirst augments Chinese SMEs for cross-border success

Friday 10 May 2024 12:43 CET | News

WorldFirst has improved cross-border commerce for Chinese SMEs with augmented financial tools a robust global ecosystem.


WorldFirst announced an upgrade to the company’s cross-border payment and financial toolkit for merchants. With WorldFirst, China-based SMEs can now open a multi-currency account to access currencies used across 200 countries and regions, streamlining cross-border transactions for greater transparency and mitigation of potential losses incurred as a result of currency risks and fluctuations.

Notably, WorldFirst account holders in China can now receive payments in over 30 currencies, up from the previous 14, with same-day transactions available for 80% of them. Additionally, payments can now be made in over 100 currencies, up from 41, with 90% supporting same-day transactions and settlement in RMB.

WorldFirst has improved cross-border commerce for Chinese SMEs with augmented financial tools a robust global ecosystem.

Officials from WorldFirst said that under volatile economic conditions and intense competition, Chinese merchants can now expand, manage, and transact with one account. Traditionally, financial service providers did not cater to SME clients due to their lack of scale. WorldFirst is filling this gap, offering cross-border payment and financial services to businesses of all sizes, including credit enhancement services, unsecured credit loans, insurance, and more.

In addition, WorldFirst is enhancing the security of client transactions by partnering with banks and financial institutions, including eight 'Globally Systemically Important Banks' (G-SIBs). The company has a notable fraud prevention track record in the industry.

Setting up an ecosystem to cultivate global business expansion

WorldFirst will also invest USD 13.8 million to develop an ecosystem of over 100,000 outbound Chinese businesses, with the aim of nurturing cross-border giants. By roping in its core partners, including major banks and providers in both the upstream and downstream, WorldFirst’s ecosystem offers companies an avenue to seek support from one another while exploring international expansion, and achieving growth collectively.

According to WorldFirst data, the number of Chinese merchants on its platform expanding overseas increased 56% year-on-year in the first quarter of 2024.

In April 2024, WorldFirst launched WorldTrade, a platform that seamlessly integrates business and fund flows. According to the company, WorldTrade can increase order payment efficiency by up to ten times and reduce costs by over 30%. Shortly after the launch of WorldTrade, it has attracted foreign trade buyers from 33 countries to do business with Chinese merchants.

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Keywords: ecommerce, expansion, SMEs, merchants, financial services
Categories: Payments & Commerce
Companies: WorldFirst
Countries: China
This article is part of category

Payments & Commerce


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