Chinese fintech company begins cross-border trade operation

Chinese fintech company Ant Group began operations of its digital and cross-border trade operation centers in Guangzhou, the capital of Guangdong province, on Monday, marking a milestone in the company's efforts to promote the development of cross-border digital trade.

The dual centers' operation followed a strategic cooperation agreement signed between the company and the local government last year, which outlined plans for deepening collaboration in areas such as digital finance, cross-border payments and technological innovation.

WorldFirst, an international payment service provider and a subsidiary of Ant International, has been making efforts to increase its presence in the Chinese market by establishing a cross-border trade operations center in Guangzhou.

"We will collaborate closely with Ant Group, focusing on deepening cooperation in financial technology, cross-border trade and other areas," said Lai Zhihong, vice-mayor of Guangzhou, while addressing the opening ceremony of the centers.

Ant Group will leverage the 'dual-center' as a pivot to deepen cooperation and contribute to the creation of a digital trade hub and an international consumer benchmark in the Guangdong-Hong Kong-Macao Greater Bay Area, according to Yang Peng, chief executive officer of Ant International.

In early April, Alipay+ cross-border services upgraded the deep interconnection of electronic wallets in the Greater Bay Area, allowing users from the three regions to use Alipay, AlipayHK in Hong Kong and MPay in Macao to make payments and travel seamlessly across 11 cities in the area.

As part of Ant International, WorldFirst has also launched a program during the China Import and Export Fair, popularly known as the Canton Fair, to assist Chinese exporters in continuously expanding their global markets.

As of 2024, WorldFirst has served over one million micro-multinational enterprises globally, with transaction volumes exceeding $300 billion.