WorldFirst, a digital payment and financial services platform for global businesses, especially SMEs in international trade, has surpassed $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, the company said in a statement.
Notably, the time taken to add the latest $100 billion in transaction volume was less than half that required to grow from $100 billion to $200 billion.
China and Southeast Asia led the growth among core regional markets for WorldFirst, which also include the UK, Europe, and Australia.
WorldFirst, which is also a brand under Ant International, 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, kichenware 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.
Clara Shi, Vice President of Ant International and CEO of WorldFirst, sais 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 addee.
SMEs play a crucial role in global trade, contributing an estimated $6.7 trillion to world merchandise trade valued at $24 trillion in 2023. The cross-border e-commerce market in Southeast Asia is projected to sustain an annual growth rate exceeding 20 percent through 2025.
Also, 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.
“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 the multi-trillion-dollar global SME trade market,” said 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.
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