SINGAPORE--(BUSINESS WIRE)--WorldFirst, a one-stop digital payment and financial services platform for global businesses, especially SMEs in international trade, has surpassed US$300 billion in total accumulative transaction volume.
WorldFirst’s total transaction volume has also been accelerating, as small- and medium-sized enterprises (SMEs) increasingly adopt digital payment platforms to drive international trade. Notably, the time taken to add the latest US$100 billion in transaction volume was less than half that required to grow from US$100 billion to US$200 billion.
China and Southeast Asia led the growth among core regional markets for WorldFirst, which also include the U.K., Europe, and Australia.
WorldFirst empowers China-based e-commerce SMEs to expand globally by connecting them with major international marketplaces. With World Account, an all-in-one cross-border payment and financial services platform by WorldFirst, sellers can efficiently collect sales revenue from around 130 global e-commerce sites, including Amazon and Walmart Marketplace. Chinese exporters can also use WorldFirst to securely receive payments from overseas business buyers, facilitating smooth international trade.
Growth in Southeast Asia, Europe and other regions were primarily fueled by rising adoption of WorldFirst’s global sourcing payment solutions. These solutions enable business buyers to seamlessly pay for a diverse range of supplies -- from electronics, furniture, kitchenware and apparel – sourced from China and other international markets. WorldFirst’s expansion into new Southeast Asian markets was also instrumental to its robust regional performance.
More SMEs go global
Clara Shi, Vice President of Ant International and CEO of WorldFirst, says the accelerated transaction volume growth suggests two major trends in global SME trade.
“Firstly, an increasing number of SMEs are expanding their reach globally, particularly by engaging in cross-border trade through e-commerce, recognising the significant growth potential in the digital trade landscape. Consequently, these SMEs are opting to utilise comprehensive digital payment platforms like WorldFirst to support their increasingly sophisticated cross-border operations,” she adds.
SMEs play a crucial role in global trade, contributing an estimated US$6.7 trillion1 to world merchandise trade valued at US$24 trillion in 2023. The cross-border e-commerce market in Southeast Asia is projected to sustain an annual growth rate exceeding 20% through 2025.
Additionally, an increasing number of SMEs are diversifying their business operations across various e-commerce marketplaces and establishing local presence in international markets. This shift has prompted them to seek payment providers that offer not only payment and financial services but also comprehensive support throughout the upstream and downstream supply chain, according to joint Deloitte and WorldFirst research.
New market entrance set to maintain growth momentum
“We believe SMEs will remain a cornerstone of global trade, with digital payments playing a crucial role in their growth. From Southeast Asia and the Middle East to Europe, WorldFirst is establishing localised operations and launching additional services to better support our SME clients in their international expansion aspirations. We are confident in sustaining growth, driven by the multi-trillion-dollar global SME trade market,” says Ms. Shi.
WorldFirst continues to expand in new markets, establishing local offices, support teams, and websites in native languages. With the recent launch of its German website, WorldFirst's services are now accessible to SMEs across most of the world’s major economies, tailored to their national languages and local needs.
Founded in London in 2004, WorldFirst joined Ant International in 2019. Since then, it has evolved into a comprehensive digital payment platform, with the majority of its cumulative transaction volume achieved over the past five years.
About WorldFirst
WorldFirst is a one-stop digital payment and financial services platform for global businesses, especially SMEs in international trade. WorldFirst empowers SMEs to successfully execute their strategic growth plans with technology. The World Account, by WorldFirst, caters to SMEs engaged in international business, supporting online businesses selling on marketplaces and websites, as well as importers and exporters. Services include receiving payments, making payments, currency conversion, risk management and supply chain financing to help customers reduce costs, improve turnover efficiency to generate more revenue and sales, and quickly capture global business opportunities. Founded in London in 2004, WorldFirst joined Ant International in 2019. Learn more about WorldFirst at https://www.worldfirst.com.
1 WorldFirst estimate based on WTO data