WorldFirst launches WorldTrade to secure B2B trade payments in China

By Gloria Mathias

WorldFirst, a one-stop digital payment and financial services platform for global businesses and SMEs in international trade, has launched WorldTrade, a new payment solution.

This payment solution is aimed at global sourcing to bolster the security and speed of cross-border payment for international SMEs that procure goods from suppliers based in China while ensuring the prompt delivery of products for SME buyers.

WorldTrade employs smart contract-fulfilment technologies to protect and improve SME buyers’ sourcing operations by delivering:

• Enhanced protection of buyers’ funds: WorldTrade protects the funds of SME buyers by scrutinizing sellers’ reliability and enforcing contractual commitments, which can curtail the risk of financial losses due to fraudulent transactions.
• Timely delivery of goods: Using WorldTrade, once the trading parties enter into a contract, the system can initiate payment and delivery of goods based on the payment conditions and timing stipulated in the contract.
• Faster payment to sellers: WorldTrade facilitates immediate payment directly into the accounts of the sellers while offering international buyers the flexibility to pay their suppliers using a credit card, a debit card, or the WorldFirst platform World Account. Current channels usually process an international B2B trade payment within a span of one hour to seven days.
• Reduced Transaction Costs: When both the buyer and seller use World Account, they will be able to save more on transaction fees and currency exchange costs. An SME conducting annual trade worth US$10 million through WorldFirst could realise an estimated savings of at least US$10,000 in transaction costs each year.

WorldTrade can facilitate smart contract fulfilment because of WorldFirst’s extensive collaborations with banks, customs offices, and logistics providers, allowing WorldTrade to consolidate and validate crucial trade transaction information, including payments, customs clearance, and delivery.

“The launch of WorldTrade aims to build trust in B2B trade through digital means,” said Ma Qisheng, Head of Global B2B Business at WorldFirst. “WorldTrade facilitates intelligent payment processing aligned with agreed trade terms, minimizing trade barriers and streamlining global business interactions.”