Asset World Corp Public Company Limited (AWC), one of Thailand’s leading integrated lifestyle real estate groups, and Ant Group, a world-renown 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.
What are the initiatives of the agreement?
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 make payments in Thai Baht to global sellers, while enabling them 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 clients will be able to open 14 local currency accounts online, enabling them to receive cross-border payments and manage funds from over 100 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. 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 such as Bangkok, Chiang Mai and Phuket. At any of these tourist destinations, 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 SMEs, to process a wide range of mobile payment methods and reach 1 billion 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. 2C2P, a full-suite payment platform provider and strategic partner of Ant Group, will support the partnership between AWC and Ant Group.
What does the partnership mean for stakeholders?
Wallapa Traisorat, AWC CEO and President, said, “With our diverse real-estate portfolios in lifestyle hospitality, office buildings, Retail malls and wholesale centers in Thailand, AWC is set to collaborate with industry-leading technology providers like Ant Group. Together, we can create seamless cross-border transaction experience for consumers and businesses globally, which can help drive the digital transformation of the real-estate industry in Thailand.”
Commenting on the alliance, Clara Shi, Vice President of Ant Group and Head of WorldFirst, said, “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.”