Solving cross-border e-commerce industry issues, vigorously pioneering cross-border B2B payments are inevitable

Cross-border e-commerce, cross-border logistics and cross-border payments are always inextricably linked. For platforms and sellers in the cross-border e-commerce industry, or if only key cross-border payment issues are resolved and the capital chain is stabilized, companies can thrive. ……

A few days ago, Yibang Power Network had a dialogue with Huang Weiqiang, general manager of WorldFirst Hong Kong and China. He expressed his views on the pain points and status quo of cross-border payment industry, the latest payment solutions adopted by WorldFirst, and the layout of future industries.

Vigorously pioneering cross-border B2B payments

In addition to the hot cross-border B2C in recent years, with the increase in the demand for small multi-frequency 2B orders, the cross-border B2B of the online trend seems to have a rising trend.

According to Accenture data, it is estimated that by 2020, the global B2B e-commerce transaction volume will reach 6.7 trillion US dollars, more than 1/3 from cross-border transactions (about 2.32 trillion US dollars). Among them, China’s cross-border B2B e-commerce transaction volume will reach 1.24 trillion US dollars, accounting for more than half of the world.

Generally, B2B companies are relatively large in scale, and cross-border transactions are characterized by large amounts and low frequencies, and payment methods are more special. In the past, cross-border B2B transactions still had many pain points on the payment side. The problem of paying a large credit card for a success rate, the transparency of payment by overseas buyers and suppliers, and the high payment rate are difficult problems, and are often the entrance to business opportunities.

WorldFirst discovered this opportunity, and this year it launched a new payment method “World Account” for B2B customers, which is convenient for B2B international trade companies to use a unified offshore account to collect different foreign currencies.

Huang Weiqiang told Yibang Power Network that there are two main reasons for the launch of World Account. First, because the B2C market is very competitive, it is already the Red Sea market, and it needs to develop new products to explore new business opportunities. Second, according to market research, the current Cross-border B-side sellers and consumers are in high demand for faster, safer and more cost-effective payment methods, but there are no better solutions on the market.

For the three major pain points of cross-border B2B payments mentioned earlier, Huang Weiqiang said that World Account can be solved. For buyers and sellers, World Account is a transfer station, registering a World Account account, the buyer only needs to transfer the amount to the local bank account, WorldFirst can receive the order, the seller can track the money at this time, the link is completely transparent formula.

In addition, in order to reduce the unnecessary exchange rate loss of the seller, if the seller needs to pay overseas logistics fees or other procurement expenses, it can be paid through the WorldFirst platform, not necessarily the full amount. In terms of exchange rate, WorldFirst said that it has an advantage in the current market.

Financial security is not a joke

Established in 2004, WorldFirst has accumulated 14 years of industry experience in the payment industry, and this veteran cross-border payment company has more confidence in the most critical financial security and risk control in the payment industry.

Huang Weiqiang said frankly that even though there are more and more competitors in the market, WorldFirst is the strongest in terms of risk control and compliance. Since its inception, WorldFirst has made £65 billion in transfers for 120,000 customers, all of which are safe.

At present, WorldFirst’s cooperative banks include Barclays, Citigroup, Germany and other world-renowned banks. The banking supervision measures are very complete, and WorldFirst holds payment licenses in Hong Kong, 48 US states, the United Kingdom and other countries and regions.

In terms of risk control, WorldFirst proposes two major measures. One is to have experienced teams in the field of legal compliance, to open the first threshold from data review and banking, government and other aspects; the second is to enable systems with big data and strengthen The construction of intelligent AI, to understand the source of customers’ funds, and to strengthen compliance risk awareness, such as KYC, AML and other methods.

“In recent days, the taxation of overseas platforms and overseas governments has become more stringent. In the past, cross-border e-commerce was extensive. The current trend is to become more and more compliant. It is to be strong rather than biased and to secure funds. Safe and efficient circulation is very important for the growth after cross-border e-commerce,” Huang Weiqiang said.

This year’s focus is on China

Although the trend of cross-border e-commerce development has been rising, after the capital is taken into consideration, the competition in the market has become increasingly fierce. As the payment of the key link of cross-border e-commerce, it is the kingly way to keep up with the current situation.

Billion State Power Network learned that at present, WorldFirst can open US, Euro, British Pound, Japanese Yen, Canadian Dollar, Australian Dollar and other collection accounts. In the future, it will launch Singapore Dollars one after another.

Huang Weiqiang said that the opening of new currencies is based on the needs of sellers. If the demand in the market is strong, then WorldFirst will be opened in 3-6 months to try to meet the needs of more users.

In addition to the new currency, WorldFirst’s biggest focus this year will be the Chinese market. As a foreign-invested company, its strong capital and experience have always been the power behind global expansion. Targeting the domestic market is because Chinese sellers are growing very fast in cross-border e-commerce. There is no doubt that this is an attractive cake.

Huang Weiqiang mentioned that WorldFirst will pay more attention to China’s localized services this year. Therefore, the team will be greatly expanded in the mainland, including marketing, operations, sales and customer service teams. From the growth potential of users, in addition to South China, the growth rate in Jiangsu and Zhejiang and inland areas is also very fast. WorldFirst will continue to enter Beijing, Shanghai, Hangzhou, Ningbo, Yiwu, Chengdu, Zhengzhou, Jinan and other regions.

In addition, as China’s “One Belt, One Road” strategy continues to spread and trade with countries along the route continues to deepen, countries along the “Belt and Road” will also become a major concern for WorldFirst. In Singapore, the United Kingdom, the Netherlands and other places have set up branches, through the cooperation with the local government regulatory authorities along the Belt and Road, and the cooperation of large-scale cross-border e-commerce platforms, to explore new business opportunities.

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