WorldFirst Reports 1688 SME Cross-Border Trade Adoption Surge
(7 September 2023 – China) WorldFirst reports that international SME buyers are rapidly taking up the group’s Cross-border Pay solution for China’s 1688 wholesale marketplace as small businesses globally seek cost-effective sourcing options to stay competitive.
In the year to August 2023, turnover generated by WorldFirst SME customers sourced from 1688’s product marketplace through Cross-border Pay increased by over 50 percent to US$3.03 billion. The number of new SMEs who were onboarded on to the solution jumped almost 20 percent.
With the explosive growth of eCommerce, SMEs are more readily turning to platforms such as 1688 for diverse sourcing options. However, navigating the complexities of international payments and currency exchanges has posed challenges for small business owners. 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 the marketplace platform.
“We understand the immense potential that lies in helping SMEs to compete on a global scale. 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” commented WorldFirst Head of Commercial for Southeast Asia, Daniel Chua.
Subscribe