AWC & Ant Group partner to diversify cross-border payments for consumers & SMEs
By Gloria Mathias
Asset World Corp (AWC), a Thailand-based integrated lifestyle real estate group and Ant Group, a digital technology provider, have signed an MoU to launch various cross-border payment and digital financial solutions.
This partnership caters to the needs of AWC’s different businesses across hospitality, retail, wholesale and commercial, benefitting consumers, merchants, and small businesses.
Wallapa Traisorat, AWC Chief Executive Officer and President said, “With our vast and diverse real-estate portfolios in lifestyle hospitality, office buildings, Retail malls and wholesale centres in Thailand, AWC is strategically positioned to collaborate with industry-leading technology providers like Ant Group. Together, we can create seamless cross-border transaction experience for consumers and business operators globally, which can help drive the digital transformation of the real estate industry in Thailand.”
One of the key initiatives under this collaboration is the implementation of WorldFirst cross-border business payment solutions for “PhenixBox,” AWC’s omnichannel online platform that processes trade activities from offline to online at its wholesale centres.
AWC plans to enable local buyers, including SMEs, in Thailand to place orders and make payments in Thai Baht to global sellers while enabling the sellers to collect payments in various major trade currencies.
WorldFirst of Ant Group is a digital payments and financial services platform for SMEs engaged in cross-border trade. The platform’s customers can open up to 14 local currency accounts online within minutes, enabling them to receive cross-border payments and manage funds from over 100 global marketplaces, all through a single online portal.
Clara Shi, Vice President of Ant Group and Head of WorldFirst said, “The partnership with AWC underscores the significance of effortless global payments for businesses, as it is the key to their success in today’s interconnected world. We are committed to helping businesses confidently engage with partners, suppliers, and customers across borders through our omni-channel payment and financial services.”
IBSi Daily News Analysis
September 22, 2023
Banks can capitalize on new dynamics in a changing industry, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage