Global expansion is an ambition for many SMEs, but the reality of cross-border transactions tells a different story. Traditional banking systems, built to serve large corporations, often sideline smaller businesses, forcing them to navigate slow, expensive, and complex international payment processes that can hold back growth.
For SMEs in Singapore and across the Asia-Pacific region, these barriers are particularly pronounced. Many operate in fast-moving industries like e-commerce, manufacturing, and digital services, which rely on speed and efficiency in financial transactions. Yet, high foreign exchange fees, shifting regulatory landscapes, and fragmented banking networks continue to create obstacles.
The numbers paint a stark picture. A 2021 survey found that 80% of Singapore’s micro, small, and medium-sized businesses (MSMBs) have been discouraged or outright prevented from expanding internationally. Of those, 63% cited the cost and complexity of managing international payments as a major deterrent.
This is the reality that WorldFirst is working to change. Founded in London in 2004, WorldFirst has positioned itself as a key player in reshaping how SMEs access international payment and financial services.
By combining advanced technology with deep financial expertise, the company provides businesses with the tools they need to streamline cross-border transactions, mitigate currency risks, and expand with confidence.
In February 2025, WorldFirst hosted a Financial Partners Day event in Singapore with attendees from nearly 30 banks to discuss advancing fintech-bank collaboration.
At the event, WorldFirst CEO Clara Shi shared how WorldFirst’s innovative approach is addressing the biggest financial hurdles SMEs face, rethinking the future of international trade, and unlocking new opportunities for businesses across the region.
How WorldFirst Solves Cross-Border Payment Issues
For SMEs, accessing affordable financial services involves finding a solution that truly fits their needs. Traditional service providers force smaller businesses to navigate fragmented financial services that slow them down.
Their business model is unique; transactions tend to be low in value but high in frequency, creating additional compliance complexities. What SMEs require is a seamless way to pay and collect worldwide, manage multiple currencies, handle currency conversions, and access treasury services — all within a single platform.
WorldFirst’s global account was built to specifically to address these needs. It’s a multi-currency business account designed to simplify cross-border payments — from currency conversion to collections and treasury management.
With WorldFirst global account, SMEs can set up a fully online account in just minutes. They can pay in over 100 currencies across 200+ markets, with 90% of transactions settling on the same business day. And for World Account holders, transfers are instant.
But payments are just one part of the equation. SMEs also need a seamless way to collect funds from international customers.
With WorldFirst’s collection feature, businesses can receive payments in 40+ currencies. They can also connect to more than 130 online marketplaces and payment gateways, making it simpler to collect sales proceeds in one place.
On Navigating Global Regulations Across 200+ Markets
For SMEs expanding internationally, Clara Shi notes that steering through regulatory requirements across multiple countries is one of the biggest challenges. Compliance rules vary by region, and keeping up with evolving regulations is both time-consuming and complex.
To ensure seamless service across 200+ countries, WorldFirst holds over 60 regulatory licenses worldwide.
WorldFirst also partners with trusted global financial institutions as well as leading regional banks such as J.P. Morgan, Barclays, HSBC, Citibank, and DBS. These fintech-banking partnerships is founded on two structural benefits.
Banks, with their global network and comprehensive product suite, have the tendency to service bigger clients than SME. Meanwhile, fintechs have the agility and technology to adapt the services banks offer to match SME needs.
Additionally, through these partnerships, SME customers can gain access to money-market funds that supported payout currencies from 40 to 100.
Prioritising Security in a Digital-First World
Security, reliability, and fraud prevention remain top concerns for SMEs. They need to know they’re working with a platform that prioritises safety without adding complexity.
At the core of WorldFirst’s security infrastructure is an AI-powered risk control system, leveraging Ant International’s expertise in security risk management, AI, privacy computing, and blockchain technology. This system continuously monitors transactions in real time, identifying and mitigating potential risks before they become issues.
Are SMEs Embracing Fintech Today?
Despite the rapid rise of fintech in cross-border payments, some SMEs still hesitate when it comes to adopting digital financial solutions. Whether it’s concerns about security, reliability, or simply stepping away from traditional banking, there’s sometimes an initial reluctance to make the switch.
“It’s interesting because, in our experience, SMEs don’t just adopt fintech. They actively embrace it,” Clara said. “We’ve served over a million SME customers worldwide, and once they see how much simpler and more cost-effective fintech solutions are, they don’t look back.”
Clara Shi added that when SMEs see the time, money and effort saved, it truly changes their perspectives.
What’s Next for WorldFirst in Asia?
As SMEs in Asia continue to scale and embrace digital finance, the demand for more seamless, integrated financial solutions is only growing. Clara emphasises that WorldFirst is continuously evolving to meet these needs.
“We’re always looking at what SMEs need to thrive in the global marketplace,” Clara shared. “Payments are just one piece of the puzzle. Businesses also need smarter ways to manage expenses, connect with suppliers, and access financing to fuel growth.”
Two key developments on the horizon are upgrading World Card and the transformation of the WorldFirst SME payments app, moving beyond payments to become a full-fledged business platform. WorldFirst is also expanding its financing services to more markets.
