Singapore: Ant International’s WorldFirst, a comprehensive digital cross-border payment and treasury account service for global businesses, has announced a partnership with OCBC to accelerate digital trade in Southeast Asia. Under a memorandum of understanding signed last month, both companies committed to a strategic collaboration aimed at supporting WorldFirst’s 1.2 million small and medium-sized enterprise (SME) customers to conduct cross-border trade across the region and manage international payments in a simpler and more cost-effective manner.
According to BERNAMA News Agency, this initiative comes at a crucial time as trade flows between Greater China and Southeast Asia continue to grow, increasing the demand for a more resilient cross-border payment ecosystem for SMEs. WorldFirst stated that the enhanced partnership with OCBC is a significant step in strengthening its regional financial network. By incorporating OCBC’s leading market presence in Southeast Asia, WorldFirst aims to better assist local SMEs with more efficient, accessible, and innovative financial services.
Ant International Vice President and WorldFirst Chief Executive Officer, Clara Shi, expressed optimism about the collaboration, emphasizing the benefits of integrating OCBC’s market-leading presence in the region. Meanwhile, OCBC Head of Global Transaction Banking, Melvyn Low, highlighted the mutual goal of accelerating the growth of the region’s digital economy and contributing to Southeast Asia’s broader economic development.
OCBC currently supports the WorldFirst World Account in Singapore and Hong Kong. Under the new agreement, this support will extend to Malaysia and Indonesia, which are OCBC’s core markets and key areas of interest for SMEs. Through WorldFirst’s World Account, SMEs can collect in 14 major currencies, including the Singapore dollar, United States dollar, Chinese yuan (offshore), and others.
The World Account also facilitates payments in over 100 currencies across more than 210 countries and regions, offering integrated foreign exchange and treasury services. This provides a comprehensive solution for cross-border payments and cash management. SMEs that are OCBC customers will benefit from fee-free transfers from their OCBC accounts into the World Account, making international payments more cost-effective than before.