At this Canton Fair, new enterprises, new products, new technologies, and new business formats emerged in large numbers, and the “vane” of foreign trade showed the new momentum of China’s industry to the world.
In the Pearl River Promenade and the cross-border e-commerce exhibition area of the Canton Fair D exhibition hall, many cross-border third-party payment institutions have set up booths or even “double booths” to recommend cross-border settlement facilitation solutions and related products to domestic exhibitors and overseas buyers participating in the exhibition, helping global merchants to place orders at the Canton Fair, grab business, and directly purchase good Chinese goods with one click.
China’s “intelligent manufacturing” exports have amazed merchants around the world.
The high-quality development path of Chinese enterprises “selling to the world” is becoming more and more solid.
In addition to the continuous improvement of export quality and the obvious trend of branding, the overseas sales channels of domestic small and medium-sized enterprises are also constantly expanding, which also puts forward higher requirements for the business service capabilities of payment institutions.
“In the past ten years, China’s overseas business structure has undergone earth-shaking changes. In the trade of goods, the growth rate of e-commerce and various types of business models far exceeds the growth rate of exports.” The vice president of Kongkonghui China said that in the field of foreign trade, China’s overseas enterprises account for the absolute majority, and in terms of transaction volume, they also account for a considerable proportion of my country’s cross-border capital flows.
Exchange rate fluctuations and serious exchange losses are pain points that small and medium-sized enterprises need to face when going overseas.
Currently, various cross-border payment platforms have launched exchange services to provide customers with exchange rate lock-in products to lock in costs or income in advance.
“Currently, Wanlihui’s foreign exchange product business accounts for more than 25%, and its growth rate is much higher than other cross-border payment service products, which also reflects the increasing risk awareness of cross-border enterprises’ exchange rate hedging.” said Chen Jin, head of Ant International Wanlihui’s B2B business.
At the Canton Fair, various third-party cross-border payment companies are currently launching “one-stop cross-border collection and payment solutions” to help foreign trade companies achieve rapid collection and payment of trade funds and maintain the value of foreign exchange.
At the same time, many cross-border payment companies also provide credit services such as supply chain financing to help cross-border sellers expand their businesses globally.
The background of the “Canton Fair World” at the Canton Fair is becoming increasingly rich, and many overseas purchasers come from emerging markets.
According to the director of the China Foreign Trade Center of the Ministry of Commerce, as of October 9, 125,000 overseas buyers have pre-registered.
Among them, 75.7% are countries jointly building the Belt and Road Initiative, 20% are BRICS countries, 16.7% are OECD members, 16.4% are RCEP members, 13.4% are Middle Eastern countries, and 12.5% are European and American countries.
As of October 14, 147,000 overseas buyers have pre-registered for this Canton Fair.
In order to better meet the service needs of overseas buyers, Wanlihui has added staff proficient in Arabic, Spanish, Vietnamese, Malay and other minor languages for this Canton Fair to meet the service needs of merchants from emerging markets such as Southeast Asia, the Middle East, and Latin America.
Outside the Canton Fair, cross-border payment convenience kiosks appeared for the first time; inside the Canton Fair, many financial institutions have booths in the comprehensive exhibition area and cross-border e-commerce area… Jointly exploring and serving the “new blue ocean” for foreign businessmen has become a key goal of the cross-border payment industry during the Canton Fair.
The reporter learned that many overseas buyers at the Canton Fair reported that traditional foreign trade settlement methods are inefficient and costly due to long chains. They are no longer able to meet the needs of cross-border trade payments, seriously restricting the smooth progress of transactions.
For the cross-border payment industry, expanding domestic trade exporter business has long become a red ocean. Developing overseas buyers is undoubtedly the only way for cross-border payment companies to find profit growth points, expand business territory, and improve the cross-border service ecosystem.
At the Canton Fair, many cross-border payment companies focused on overseas buyers and merchants.
