Small and medium-sized enterprises (SME) in South-east Asia and beyond have the potential to become a new pillar of cross-border trade and commerce, but many face three key challenges in building a global brand: How can they manage the steep cost of buying and selling across borders? Where can they find reliable suppliers at competitive prices? And how can they establish a presence on foreign marketplaces or e-commerce platforms?

Ms Clara Shi, chief executive officer of WorldFirst, has a message for every SME owner: These challenges are real but not insurmountable. 

“To overcome these challenges, SMEs need cost-efficient cross-border payment and financial services, reliable sourcing options and access to new markets. These are exactly what WorldFirst can offer,” says Ms Shi.  

For 20 years, WorldFirst has enabled over one million SMEs to venture abroad, and the company now aims to help SMEs in South-east Asia unlock their true potential. The time is ripe as the regional economic engine has restarted and is moving into high gear post-pandemic.

“The opportunities for SMEs in today’s digital economy and, in particular, cross-border e-commerce are massive," Ms Shi says. According to a study by the EU-ASEAN Business Council, South-east Asia will have as many as 380 million digital consumers, and the gross merchandise value of e-commerce will exceed US$250 billion (S$336 billion) by 2026.

A study by the International Chamber of Commerce found that over 60 per cent of SMEs in Asean are keen to go regional and global, but many lack efficient cross-border financial services, reliable suppliers, and the means to start selling in overseas marketplaces.

To help the small players, Ms Shi shares that WorldFirst treats every SME like a multinational company by providing a similar breadth and depth of premium financial services typically available to larger businesses. 

One success story is that of KeaBabies, an award-winning baby and maternity brand. The Singapore-based company hit US$56 million in revenue across 13 countries last year by leveraging the WorldFirst platform known as World Account. 

“The World Account platform lets KeaBabies connect to suppliers and buyers across the world in a safe and secure manner,” says Ms Shi. “We remove the biggest hurdles that SMEs face so they can scale rapidly.” 

Instant cross-border payment

The first hurdle most SMEs face when going global is getting access to cross-border payment and financial services. 

Says Ms Shi: “Traditional financial service providers often do not cater to SME clients due to their small scale. Account opening can be a lengthy process. There are also steep service fees and currency conversion rates.” 

Businesses keen on cross-border growth can open a World Account with WorldFirst in just a few minutes. The World Account serves as a one-stop portal, offering SMEs convenience in managing operations and transactions across multiple countries and online marketplaces.

With WorldFirst, businesses can open local currency accounts and receive international payments in over 30 currencies from over 120 payment gateways and global marketplaces. Sellers can tier stores, e-marketplaces and entities, while customising account statements for reconciliation.

Global sourcing made easy

The next hurdle for SMEs is sourcing for reliable suppliers. 

“SMEs frequently grapple with having to manage many suppliers from different countries,” says Ms Shi. “This costs the small businesses much time and money.”

To solve the sourcing struggle, WorldFirst helps SMEs source directly from 1688, one of the world’s largest wholesale marketplaces with 5.7 million business customers.

Through WorldFirst international buyers can make payments to 1688 sellers without the need to set up an onshore bank account in China, accessing a vast array of cost-effective products. SMEs will also benefit from competitive foreign exchange rates as inbound payment is settled at the offshore yuan rate.

Rapid e-commerce deployment

Given the massive growth of the digital economy, it is imperative for SMEs in the region to set up an online presence. 

With WorldFirst’s Global Voyage programme, businesses in markets where the programme is available can set up their e-commerce storefront within 24 hours. The deployment process is expedited across 28 partner e-commerce platforms such as Amazon, AliExpress, Gmarket, Lazada, Coupang and Etsy.

SME staff do not necessarily need prior e-commerce experience, as WorldFirst also offers end-to-end services, including online advertising, logistics, and website development and management.

In 2023, transaction volumes of WorldFirst’s China-based customers which sold to Latin America, Africa and the Middle East, more than doubled compared with the previous year.  In January 2024, new customer acquisition in South-east Asia increased 16 times and the overall transaction volume of WorldFirst customers in the region grew by 90 per cent from a year earlier. 

Ensuring peace of mind

However, growing a regional or global business is not just about moving fast. It’s about scaling your business with peace of mind.

WorldFirst protects SMEs by using the latest security technologies to monitor fraud, block malicious players and provide layers of encryption and authentication. 

With a secure and convenient platform trusted by millions across the globe, WorldFirst aims to enable SMEs from South-east Asia to focus on establishing and expanding new connections.

“Helping SMEs thrive in global trade takes a comprehensive ecosystem,” says Ms Shi. “WorldFirst works with leading B2C and B2B partners, including international banks, e-commerce platforms and logistics firms.” 

“2024 is going to be an exciting year for us and our customers. From traditional platforms to new ones like 1688, Temu and Shein, we aim to expand our network of ecosystem partners, creating a comprehensive hub for SMEs.”

Learn more about how WorldFirst can help you grow your business.