Asset World Corp Public Company Limited or AWC, Thailand’s leading integrated lifestyle real estate group, and Ant Group, a global digital technology provider, have signed a memorandum of understanding (MoU) to launch various cross-border payment and digital financial solutions catered to the needs of AWC’s different businesses across hospitality, retail, wholesale and commercial, benefitting consumers, merchants and small businesses.
Mrs. Wallapa Traisorat, AWC Chief Executive Officer and President, says, “With our vast and diverse real-estate portfolios in lifestyle hospitality, office buildings, Retail malls and wholesale centers in Thailand, AWC is strategically positioned to collaborate with industry-leading technology providers like Ant Group. Together, we can create seamless cross-border transaction experience for consumers and business operators globally, which can help drive the digital transformation of the real-estate industry in Thailand.”
One of the key initiatives under this collaboration is the implementation of WorldFirst cross-border business payment solutions for “PhenixBox,” AWC’s omnichannel online platform that processes trade activities from offline to online at its wholesale centers. By the end of 2023, AWC plans to enable local buyers, including SMEs, in Thailand to place orders and make payments in Thai Baht to global sellers, while enabling the sellers to collect payments in various major trade currencies.
WorldFirst, part of Ant Group, is a one-stop digital payments and financial services platform for SMEs engaged in cross-border trade. Through one World Account, WorldFirst customers will have the convenience of opening up to 14 local currency accounts online within minutes, enabling them to receive cross-border payments and manage funds from over 100 global marketplaces all through a single online portal. By partnering with 1688.com and other leading wholesale e-commerce platforms in China, WorldFirst is also the go-to payment channel for global merchants seeking a diverse range of cost-effective products from China.
Clara Shi, Vice President of Ant Group and Head of WorldFirst, says, “The partnership with AWC underscores the significance of effortless global payments for businesses, as it is the key to their success in today’s interconnected world. By leveraging cutting-edge technology, Ant Group has created a comprehensive suite of cross-border payment solutions that removes barriers and streamlines cross-border transactions. We are committed to helping businesses confidently engage with partners, suppliers, and customers across borders through our omni-channel payment and financial services.”
Through Alipay+, AWC’s network of hospitality and retail businesses will be able to accept cross-border payments from leading Asian mobile wallets. This includes upscale hotels managed by leading global hotel chains and trendy malls such as Asiatique, in popular tourist destinations like Bangkok, Chiang Mai and Phuket. At these locations, international visitors can simply pay with their home local mobile wallets, eliminating the hassle of currency exchange and concerns about hidden fees.
Alipay+ is a suite of global cross-border digital payments and marketing solutions designed to enable businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach 1 billion regional and global consumers, through one-time integration and simple technical adaption. Currently, four mobile wallets are accepted in Thailand through Alipay+, including Alipay from Chinese mainland, AlipayHK from Hong Kong SAR, Touch ‘n Go eWallet from Malaysia and Kakao Pay from South Korea.