Expanding into new markets involves transacting across borders — whether paying suppliers or receiving payments from consumers — resulting in additional costs and complexities that can present a barrier for micro-MNCs.
This is why partnering with the right company that simplifies doing business across borders is key. After a decade of operations in Singapore, WorldFirst, a 20-year-old digital payment provider founded in London, has become a trusted choice for local small and medium-sized enterprises (SMEs) seeking international growth. With its robust platform, WorldFirst is helping these businesses expand globally and realise their ambitions of becoming micro multinationals (micro-MNCs).
In the first eight months of 2024 alone, the total payment processing volume for WorldFirst’s Singapore-based clients — primarily SMEs engaged in cross-border e-commerce and trade — has surged by approximately 60% compared to the previous year. This growth marks consecutive annual increases in both transaction volume and number of clients for the company in Singapore, one WorldFirst’s biggest markets.
Eliminating cross-border payment barriers
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With consumer preferences now more volatile than ever, an efficient cross-border payments system is crucial for e-commerce businesses. Quick and reliable payments allow sellers to promptly pay suppliers, ensuring timely shipment of goods and enabling rapid adaptation in response to shifting consumer demands.
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Traditional cross-border payment systems can be inefficient, creating challenges for SMEs trying to keep up with global e-commerce trends. Local banks may not offer offshore foreign currency accounts, which could lead SMEs to turn to foreign banks for localised payment solutions — a process that is often costly, time-consuming, and complex. Opening a foreign bank account can take months and payments can take days to clear, leaving businesses with little control over the conversion of foreign sales revenue.
WorldFirst addresses these issues by offering real-time payments between holders of its flagship multi-currency business account, the World Account. The company has further increased its payment speed, now settling 90% of all transactions within a business day. This enables businesses to pay overseas suppliers promptly, ensuring both cost savings and the timely receipt of goods. Through WorldFirst, SMEs in Singapore can pay customers in over 200 markets using more than 90 currencies and facilitate global collections in more than 30 currencies.
A one-stop platform for payment services to go global
In addition to eliminating payment barriers, modern businesses require a holistic solution that not only simplifies cross-border transactions but also integrates other critical aspects of their global operations. In today’s fast-paced e-commerce and cross-border landscape, having a single, comprehensive platform to manage all payment needs is key to maintaining a competitive edge.
The latest Deloitte-WorldFirst report highlights that micro-MNCs are increasingly diversifying their business lines, operating on multiple e-commerce platforms, and setting up local operations overseas. This shift is partly driven by the need to navigate the complexities of international markets and manage growing consumer demand.
To meet these evolving needs, WorldFirst has transformed its platform into a one-stop solution that goes beyond traditional payment processing. The WorldFirst platform now offers an integrated suite of services that support crucial stages of cross-border trade. This all-in-one platform approach not only streamlines operations but also enables businesses to scale efficiently, reduce costs, and improve profitability.
Digitalisation and branding: key growth drivers
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Amid fierce competition, building a strong brand is essential for sustaining long-term growth. As consumer expectations evolve, low-quality, generic products are no longer sufficient. Effective branding helps businesses differentiate themselves, enhance customer loyalty, and increase market share.
The Deloitte-WorldFirst report reveals a broad consensus among cross-border e-commerce enterprises on the importance of branding, with 88% of APAC respondents recognising that branding is crucial for business development, and 70% planning to increase their investment in brand-building. To achieve branding success, businesses must ensure their products are of high quality and meet local customer needs. Additionally, they should offer localised fulfilment, after-sales, and customer services to stay competitive.
Digital technologies also play a crucial role. Big data analytics (75%) and artificial intelligence (47%) are the most widely applied technologies among micro-MNCs, directly contributing to business optimisation and enhanced customer experience.
"At WorldFirst, we're committed to creating financial inclusivity by empowering SMEs in Singapore to achieve their global aspirations. Through a comprehensive suite of digital payment solutions, we can simplify cross-border transactions, reduce costs, and enhance the overall experience of doing business internationally. Our goal is to be the trusted partner for SMEs as they navigate the complexities of global markets and seize new opportunities," said Daniel Chua, Regional Commercial Manager, Southeast Asia, WorldFirst.
Learn how WorldFirst can meet your business needs and help you expand globally. Visit https://www.worldfirst.com/sg/ today.
