WorldFirst to Launch E-Commerce Solutions in Southeast Asia

Published 5 months ago

WorldFirst, a comprehensive digital payment and financial services platform for cross-border trade SMEs, has revealed plans to launch its e-commerce digital finance solutions in new Southeast Asian markets in 2023 and 2024. The initiative aims to facilitate growth for online sellers through secure, speedy, and reliable cross-border payment and financial services, while also ensuring effortless connectivity to various global marketplaces.

Building on Prior Success

Following its successful ventures in China, Singapore and other regions, WorldFirst plans to roll out its suite of solutions through World Account in Vietnam, Thailand, the Philippines, and Malaysia. This strategic move is designed to assist global selling, management, and expansion for SMEs.

SMEs can swiftly open a multi-currency World Account to operate globally like a local player. The World Account supports transactions in 42 currencies across over 200 global markets, promoting global sourcing. It further facilitates local collection in 30 currencies from over 120 e-marketplaces, thanks to WorldFirst’s connection to 40 local fast payment schemes across the globe.

Streamlined Management and Growth

World Account offers a unified, user-friendly portal for sellers to manage their burgeoning operations across different countries and marketplaces. It enables sellers to structure stores, e-marketplaces, and entities while personalizing account statements for reconciliation.

WorldFirst’s Global Voyage program, launched in 2022, provides a hassle-free one-stop shop for opening stores across global marketplaces. This expedited process, in partnership with 28 e-commerce platforms, reduces the setup time for sellers to within 24 hours. Furthermore, sellers can access an array of value-added professional services via WorldFirst to spur their growth, ranging from online advertising and logistics to website development and management.

Prioritizing Client Security

WorldFirst places a high emphasis on the safety and security of client transactions. It boasts a leading fraud prevention track record in the industry and collaborates with banks and financial institutions, including eight Globally Systemically Important Banks, to protect client funds.

Cross-border digital payment systems are seen as a key driver of e-commerce growth, enabling small businesses to reach new customers by tapping into new regional and global markets and efficiently managing their payments. In fact, SME clients of WorldFirst in Singapore witnessed a 70% surge in their monthly GMV between October and January 2023, according to a report by the EU-ASEAN Business Council.

In the words of Clara Shi, CEO of WorldFirst and Vice President of Ant Group, “Building on our global fintech capabilities and strong success in China, Singapore and other markets, we are confident our secure and fast cross-border payment and e-commerce enablement services can help small businesses in Southeast Asia extend their international footprint.”