We are entering a new era where any individual with an internet connection can reach millions of customers around the world, from street vendors selling handmade jewelry to young entrepreneurs working from their bedrooms.
Around the world, digital payments and financial services are freeing small business owners from geographic and financial constraints, embodying the essence of true financial inclusion and growth in the digital age.
According to Statista in 2018, digitally transformed businesses accounted for US$13.5 billion (S$18.2 billion) of global gross domestic product; Almost quadrupled by the end of 2023.
A major driver of this digital transformation is digital payments.according to 2024 Report by Research and MarketsAsia Pacific is expected to have over 1.2 trillion non-cash transactions by 2027.
Live streaming retail and social commerce sales are also expected to increase in parallel, with omnichannel commerce trends showing a growing preference for in-store pickup and increased online sales of physical goods.
Individual sellers and small business owners are moving quickly to seize this huge opportunity, as new channels are opening up every day to sell their products on live streaming platforms like TikTok and YouTube. There is.
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Ant International, the global arm of fintech giant Ant Group, is helping everyone accelerate in digital payments and financial services.
Ant International CEO Yan Peng speaks at the 2024 Japan FinTech Festival held on March 5, 2024. is in a position to support financial access and ensure simple solutions for businesses on the path to international travel and localization. .
Because global inclusion and prosperity are built on travel, trade, technology and talent, Ant International has established extensive partnerships with the public and private sectors across the region to bring together next generation companies with technology strengths and cross-sector perspectives. Yang said they are nurturing a generation of innovators.
The company focuses on innovations in various areas, including the Alipay+ cross-border mobile payment digital platform, the world's first digital payment and financial service for cross-border transactions, and the Anext digital wholesale bank.
Learn how these services are empowering individuals and businesses and opening up new opportunities for economic growth.
Ease of mobile e-wallet transactions
Tourists can now use local e-wallets in more regional countries, making travel more convenient.
For example, Singaporeans who have the OCBC Banking app or the Changi Pay app can now use these apps to make digital payments in China.This was part of Recent developments with Alipay+ Enables 11 e-wallets in China, including NayaPay (Pakistan), mPay (Macau Special Administrative Region), Naver Pay (South Korea), Toss Pay (South Korea), and TrueMoney (Thailand).
Businesses in Singapore are also benefiting from cross-border mobile payments. Travelers visiting Singapore can now pay for taxi fares using the Touch 'n Go eWallet and Kakao Pay app with comfort delgro cab.
Alipay+ is also integrated into Singapore's national service Singapore Quick Response Code (SGQR) platform. Tourists and local residents can use his Alipay+ at around 11,000 hawker center stalls, coffee shops and wet markets.
To provide more convenience to tourists, Alipay+ recently activated six new international e-wallets in Singapore, bringing the total to 12. The e-wallets are Alipay (Mainland China), AlipayHK (Hong Kong Special Administrative Region, China), and GCash (Philippines). ), Kakao pay, Toss Pay and Naver Pay (South Korea), Touch n' Go eWallet (Malaysia), TrueMoney (Thailand), Hipay (Mongolia), MPay (Macau SAR, China), MyPB by Public Bank (Malaysia), and Tinaba (Italy) to expand our merchant reach.
The addition of the new e-wallet ahead of the peak Chinese New Year travel season in 2024 provides greater convenience for tourists and further growth opportunities for local merchants. Among other Asian tourists using Alipay+ partner payment apps, Singapore is her fifth most popular destination in the world. Enjoying local gourmet food is popular among Asian tourists, with eateries including famous eateries such as Ben Gawan Solo, Jumbo Seafood, Lim Chee Guan, Song Hwa Bak Kut Teh, and Old Chunky being one of the top categories.
Globally, Alipay+ enables the use of more payment partner apps in major destinations and expands merchant coverage, making global travel more seamless and convenient. As a result, during the Lunar New Year period in 2024, the total cross-border spending on major e-wallets in the region using Alipay+ increased by 252% year-on-year, and the average daily transaction amount increased by 304%.
Alipay+ is currently supported by 88 million merchants in 57 markets and has 1.5 billion payment accounts from over 25 e-wallets. Data from Alipay+ shows that cross-border transactions have increased significantly after the pandemic, and tourists are more likely to use local digital wallets to pay for groceries, retail purchases, and transportation.
Digital payments also help promote more sustainable travel by reducing physical transactions.
In December 2023, Alipay+ launches program We work with partners who offer benefits like free international mobile data and in-app discounts to users who switch to more sustainable activities, such as using public transport instead of cars.
Helping small businesses capitalize on the global e-commerce boom
Looking to expand your small and medium-sized enterprise (SME) into multiple markets?
To succeed, business owners need the ability to make and collect payments safely, smoothly, and quickly across borders.
While this was a complex issue in its past analogues, Worldfirst (an Ant International company) offers a one-stop platform that allows small and medium-sized businesses to receive funds from over 100 international markets using local currency accounts. Masu.
So if you're planning to sell your products on marketplaces like Amazon, Aliexpress, Lazada, Rakuten, or Etsy, you can scale faster by leveraging Worldfirst's extensive partnerships with e-commerce sites. .
Since 2004, approximately 1 million businesses have used Worldfirst to transfer US$200 billion.
World First launches in 2022 Global Voyage Program This allowed businesses to quickly launch online stores across 28 e-commerce platforms within 24 hours.
The program connects e-commerce sellers with professional services such as online advertising, logistics, and website development to accelerate business growth.
Finance, payments and digital marketing solutions
Is your small business facing challenges in obtaining financing from traditional banks?
there is Estimated total amount: 70 million Micro, Small and Medium Enterprises (MSMEs) in Southeast Asia, according to the ASEAN website.
Collectively, these companies account for more than 97.2 percent of the region's establishments, contribute 85 percent of employment, and 44.8 percent of the region's gross domestic product.
To help small and medium-sized enterprises realize their true potential, Ant International launched Anext Bank, a digital wholesale bank, in June 2022.
Anext addresses key pain points for small businesses, including high barriers to securing financing. For example, Anext's minimum loan amount starts from S$5,000 and no documentation is required for loans below S$30,000.
Anext Bank, through its Anext program for industry specialists, provides financial services directly to 1 million local SMEs on a platform operated through partners such as Shopmatic, rethinking financial services for financial inclusion and supporting small and medium-sized businesses. We respond to the diverse needs of business owners.
AI and privacy computing
Looking ahead, Yang said new types of technology will have the biggest impact on financial services and infrastructure.
“Historically, wallet technology, payment technology, and credit technology have been the driving force behind innovative products serving the underbanked. In the future, AI, privacy computing, and large-scale language models will is in full swing and will drive a new phase of financial inclusion,” he said during a panel discussion at the Singapore FinTech Festival 2023.
“These technologies are not just tools; they are the harbingers of a new era of financial inclusion,” he added.
He emphasized that safety and risk technology needs to stay ahead of the curve.
“Bad actors will also leverage AI. Electronic customer awareness controls will be more difficult to enforce with content generated by artificial intelligence. To protect your business, you will need sophisticated risk technology.” You need to invest in a framework.”
Learn more about how to grow your business with Ant International.
2 Comments
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