WorldFirst’s 1688 Global Sourcing Integration Sees Adoption Surge as SME Buyers Seek Competitive Edges
8.9.2023 06:27:00 EEST | Business Wire | Press release
WorldFirst, a one-stop global payment and financial services platform for SMEs engaged in cross-border trade, reported that international SME buyers have increasingly adopted the WorldFirst Cross-border Pay solution for 1688, one of China's top wholesale marketplaces, as SMEs worldwide seek cost-effective sourcing options to stay competitive.
During the first eight months of 2023, turnover generated by WorldFirst SME customers which sourced from 1688’s vast product marketplace through Cross-border Pay increased by over 50% to more than 22 billion yuan, or 3.03 billion US dollars. The number of new SMEs who signed up for the solution rose nearly 20%. Stationaries, petting products, gardening supplies, toys, and storage containers were among the most popular goods for these international buyers.
“We understand the immense potential that lies in helping SMEs to compete on a global scale," said Daniel Chua, Head of Commercial for Southeast Asia, WorldFirst. "By integrating with 1688, we aim to help businesses of all sizes to efficiently source products from one of the world's largest wholesale markets, regardless of their location. This integration underscores our commitment to helping SMEs thrive globally."
With the explosive growth of e-commerce, SMEs have increasingly turned to platforms like 1688 for diverse sourcing options. However, navigating the complexities of international payments and currency exchanges has historically posed challenges for these businesses. As an official payment partner with 1688, WorldFirst collaborated with the marketplace to jointly launch Cross-border Pay in 2019, aiming to address these pain points and streamline the way SMEs access and transact with suppliers on 1688.
WorldFirst Cross-border Pay offers international buyers an option to make payments to 1688 sellers without the need to set up an onshore bank account in China. The buyers will also benefit from highly competitive foreign exchange rates, as inbound payment is settled at the offshore yuan rate.
Cross-border Pay usage also increased in Southeast Asian markets where the solution is available. During the first eight months, Cross-border Pay turnover, or transaction volume, by buyers from Singapore, Malaysia and Thailand grew 21%, 11%, and 11%, respectively, from the same period a year earlier. The number of new Cross-border Pay customers from Singapore more than doubled and that from Malaysia surged 69% on year.
Since its launch in 2019, Cross-border Pay has experienced consistent year-on-year growth in annual turnover. “This shows a global payment solution designed to continuously assists SMEs in saving costs and time in international trade is a crucial need of businesses today. And we plan to roll out Cross-border Pay to more markets to help SMEs stay competitive, expand their product offerings, and ultimately drive growth,” said Chua.
Cross-border Pay is currently available primarily in Southeast Asia, Australia, and other Asia Pacific markets. WorldFirst, a member of Ant Group, plans to introduce the solution to the United Kingdom and continental European markets in the coming months.
With 19 years’ experience in facilitating cross-border payments, WorldFirst has consistently strived to offer ground-breaking solutions that help SMEs grow globally. At the 2023 INCLUSION·Conference on the Bund, held from Thursday to Saturday in Shanghai, China, WorldFirst unveiled a set of upgraded features. Notably, the latest enhancements will allow China-based sellers to effortlessly set up a store on over 30 overseas marketplaces through a single application.
Launched in 1999, 1688 is China’s largest integrated domestic wholesale marketplace in 2021 by net revenue, according to Analysys. It provides sourcing and online transaction services by connecting manufacturers and wholesale sellers to wholesale buyers in China. In recent years, 1688, a business of Alibaba Group, has attracted a growing number of cross-border buyers to access its vast array of products. According to 1688, there are 5.7 million cross-border buyers, contributing to a quarter of its annual GMV.
About WorldFirst
WorldFirst was founded in 2004 and joined Ant Group in 2019. Through the World Account, WorldFirst is meeting the needs of SMEs engaged in international trade or business, both online via marketplaces or websites, as well as offline to support importers and exporters. This includes global collection (receiving payments), making payments, currency conversion, risk management, and supply chain financing to help WorldFirst customers reduce costs, improve turnover efficiency to generate more revenue and sales, and quickly capture global business opportunities. WorldFirst serves one million customers worldwide and is connected to over 100 marketplaces. To learn more about WorldFirst at https://www.worldfirst.com/.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230907418305/en/
Contact information
Media:
Martin Mou
mou.xu@worldfirst.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Venture Global Announces Closing of $2.25 Billion of Senior Secured Notes12.6.2026 00:00:00 EEST | Press release
Venture Global LNG, Inc. (“Venture Global”) announced today that its wholly-owned subsidiary, Venture Global LNG, Inc. (the “Issuer”) has closed its offering of $1.125 billion aggregate principal amount of its 6.375% senior secured notes due 2034 (the “2034 Notes”) and $1.125 billion aggregate principal amount of its 6.625% senior secured notes due 2036 (the “2036 Notes” and, together with the 2034 Notes, the “Notes”). The Issuer used the gross proceeds from the offering to redeem all of the Issuer’s outstanding 8.125% senior secured notes due 2028 (the “Existing 2028 Notes”) and used cash on hand to pay the redemption premium and related fees and expenses for the offering and the redemption. The 2034 Notes will mature on December 15, 2034, and the 2036 Notes will mature on June 15, 2036. The Notes were issued at par. The Notes will initially not be guaranteed by any of the Issuer’s subsidiaries. In the future, certain of the Issuer’s subsidiaries that incur or guarantee certain amount
Venture Global and Atlantic-SEE Announce Expansion of Long-Term LNG Sales and Purchase Agreement with Greece11.6.2026 23:30:00 EEST | Press release
Today, Venture Global, Inc. (NYSE: VG) and ATLANTIC – SEE LNG TRADE S.A. of Greece announced an expansion of their existing Sales and Purchase Agreement (SPA) for the purchase of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030. Under the deal, Atlantic-SEE is doubling their existing contract with Venture Global from a minimum of 0.5 million tonnes per annum (MTPA) to 1.0 million tonnes per annum (MTPA). Atlantic-SEE LNG is a newly formed joint venture announced in November at the 6th Partnership for Transatlantic Energy Cooperation (PTEC) conference hosted in Athens, Greece between Greek companies AKTOR Group and DEPA Commercial. The announcement of this expanded supply agreement follows Venture Global’s previously announced investment in regasification capacity at the Alexandroupolis LNG import terminal in Greece, which currently accounts for approximately 25% of the terminal’s total capacity. The Alexandroupolis LNG FSRU receiving terminal and S
Merrithew ® Expands Global Mindful Movement Leadership with Acquisition of the GYROTONIC ® Organization11.6.2026 18:30:00 EEST | Press release
Merrithew®, a global leader in mindful movement education and equipment and creator of internationally recognized programs including STOTT PILATES®, ZEN•GA®, Halo® Training and Total Barre®, today announced the acquisition of the GYROTONIC® organization, creator of the globally respected GYROTONIC® and GYROKINESIS® methods. Founded by Juliu Horvath, the GYROTONIC® and GYROKINESIS® methods are internationally recognized for their distinctive approach to movement, combining fluidity, strength, mobility, coordination, and rehabilitation through specialized equipment and movement sequences. Practiced in studios and wellness centers worldwide, the methods have cultivated a deeply loyal global community of instructors, trainers, therapists, and movement professionals. The acquisition marks a significant milestone in Merrithew International Inc.’s growth strategy and reflects Merrithew’s commitment to growing the rapidly expanding global mindful movement category. The addition of the GYROTONI
GigaDevice Expands Optical Communication Portfolio with New GD32E512 and GD32E252 Series MCUs for Optical Modules11.6.2026 17:00:00 EEST | Press release
GigaDevice, a leading semiconductor company specializing in Flash memory, 32-bit microcontrollers (MCUs), sensors, and analog products, has introduced the new GD32E512 and GD32E252 series MCUs specifically designed for optical module applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260611850679/en/ Empowering Optical Interconnect Innovation, GigaDevice Unveils Dedicated MCUs for Optical Modules. As a leading supplier of MCUs for optical module applications, GigaDevice has maintained a strong focus on the optical communication market, continuously aligning its product development with evolving industry requirements and next-generation optical interconnect technologies. Leveraging years of expertise in optical module control solutions, GigaDevice has established a strong position in the market through continuous innovation and close collaboration with industry partners. To further support the advancement of high-sp
Saudi Arabia at the Center of the Global Water Industry as IDWS 2026 Reshapes the Future of Water11.6.2026 16:47:00 EEST | Press release
In an increasingly resource-constrained world, water has become critical to both economic growth and national security, driving demand for global leadership in sustainability, innovation, and water solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260611388456/en/ Saudi Arabia at the Center of the Global Water Industry as IDWS 2026 Reshapes the Future of Water (Graphic: AETOSWire) The Saudi Water Authority has announced the return of the Innovation Driven Water Sustainability Conference (IDWS), taking place from 7 to 9 December 2026 at The Ritz-Carlton, Jeddah, as the Kingdom consolidates its position at the center of the global water conversation. As home to one of the world’s most advanced and rapidly evolving water management ecosystems, Saudi Arabia currently operates more than 500 water production facilities across the Kingdom with total water production capacity exceeding 16.2 million cubic meters per day. The
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom