One of them involves the adoption of Ant Group’s WorldFirst cross-border business payment solutions by “PhoenixBox”, AWC’s omnichannel online platform that handles trade activities. According to AWC, the company plans to enable local buyers – including SMEs = in Thailand to order and complete payments in Thai Baht to global sellers by the end of 2023. At the same time, the Thai company will seek to enable sellers to collect payments in various major trade currencies.
Mrs Wallapa Traisorat, AWC CEO and president, said: “With our vast and diverse real-estate portfolios in lifestyle hospitality, office buildings, Retail malls and wholesale centres in Thailand, AWC is strategically positioned to collaborate with industry-leading technology providers like Ant Group.
Go deeper with GlobalData
“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”, Traisorat added.
Overall, according to World Bank, outward person-to-person (P2P) remittances from Thailand reached $7.9bn in 2020. Ant Group is an affiliate company of the Chinese group Alibaba Group. In May 2023, the company launched Alipay+ for tourists in Thailand. Alipay+ allows visitors to use mobile wallets, such as AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch ‘n Go eWallet (Malaysia) and Alipay (Chinese mainland), which has been accepted by Thai merchants since 2015.
Clara Shi, vice president of Ant Group and head of WorldFirst, commented: “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”, Shi continued. “We are committed to helping businesses confidently engage with partners, suppliers, and customers across borders through our omnichannel payment and financial services.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
