Home topics news AI generated News News SMEs to get easier access to China’s manufacturing powerhouse Yajush Gupta April 24, 2024 Financial services platform WorldFirst has introduced a new global sourcing payment solution, Cross-border Pay, in collaboration with 1688, a major e-marketplace under Alibaba Group. This initiative aims to simplify global procurement for Australian businesses by granting them access to a wide range of competitively-priced quality products from over 10 million manufacturers in China. With the expansion of its digital e-commerce solutions in Australia, WorldFirst seeks to streamline global procurement processes for domestic businesses, aiding in safeguarding their bottom line and fostering growth amid escalating operational costs. Cross-border Pay offers Australian buyers the convenience of making payments to 1688 sellers without the necessity of setting up an onshore bank account in China. Key features include: Easy set-up: Integration with Alipay in 1688 enables buyers to swiftly connect and commence sourcing within minutes. Direct and fast payment: Buyers can make payments directly from their World Account to 1688 suppliers, with payments typically arriving in seconds. Cost-saving: By sourcing directly from factories and paying in foreign currency with competitive exchange rates, businesses can realize significant cost savings. Despite signs of cooling inflation in the Australian economy, the rising costs of doing business persist. Coupled with higher interest rates impacting consumer confidence and disposable incomes, Australian businesses are increasingly challenged in planning and investing, as highlighted by the Reserve Bank of Australia. Consequently, they are seeking global sourcing opportunities to diversify products and