International Financial Services Provider, WorldFirst, Improves Payment and Monetary Offerings to More Efficiently Cater to Businesses Expanding Abroad
Small and medium enterprises (SMEs) in China often face challenges when it comes to accessing reliable international payment and financial services. However, a solution is emerging in the form of WorldFirst, a cross-border payment and financial services provider that caters to businesses of all sizes.
WorldFirst, with a notable fraud prevention track record in the industry, has partnered with eight 'Globally Systemically Important Banks' (G-SIBs) to enhance the security of client transactions. This partnership has enabled WorldFirst to offer a wide array of services to Chinese merchants, such as Xinhuanya from Shenzhen, who use the platform to sell goods to Southeast Asian markets through cross-border platforms.
Hu Xiongfei, deputy general manager of Xinhuanya, considers factors such as fees, timeliness, exchange rates, and brand reputation when choosing a cross-border payment company. WorldFirst's offerings, which include credit enhancement services, unsecured credit loans, insurance, and more, seem to align well with these criteria.
WorldFirst's CEO, Clara Shi, announced an upgrade to the company's cross-border payment and financial toolkit for merchants. This upgrade enables China-based SMEs to open a multi-currency account, accessing currencies used across 200 countries and regions. WorldFirst account holders in China can now receive payments in over 30 currencies and make payments in over 100 currencies.
Moreover, WorldFirst is developing a credit card and an app offering access to all of its financial services. These developments aim to streamline the financial management process for businesses, making it more efficient and comprehensive.
The company's ecosystem offers companies an avenue to seek support from one another while exploring international expansion and achieving growth collectively. This was evidenced by the rapid expansion of Chinese merchants on WorldFirst's platform, with the number increasing 56% year-on-year in the first quarter of 2024.
WorldFirst's success story began in 2013 when its CEO, Clara Shi, moved from Harbin to Shenzhen to delve into e-commerce. She and her college roommate, Wang Hao, made their first significant profit from a Singles' Day event in the mid-2010s. Despite facing challenges such as dismal sales, legal battles, and losses due to a fire and overseas warehouse issues, Wang Hao's company now generates over RMB 40 million (USD 5.5 million) in revenue annually.
Recently, WorldFirst launched WorldTrade, a platform that integrates business and fund flows, increasing order payment efficiency tenfold and reducing costs by over 30%. This launch has attracted foreign trade buyers from 33 countries to do business with Chinese merchants less than two weeks after its launch.
WorldFirst's aim is to develop an ecosystem of over 100,000 outbound Chinese businesses, investing RMB 100 million (USD 13.8 million) for this purpose. With its comprehensive suite of financial services, secure transactions, and a growing community of businesses, WorldFirst is poised to revolutionise the way Chinese SMEs approach international trade.
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