在多位创投业内人士看来，在当前全球贸易环境出现大变局的趋势下，创投机构依然加码跨境支付 赛道的投资，需要勇气与决心。毕竟，过去数年跨境支付行业之所以保持快速增长，很大程度得益 于贸易全球化与跨境电商产业迅猛发展。如今，随着美国出台对等关税政策，加之西方国家着手对 小额包裹加征关税，或令跨境电商与全球贸易发展面临新的不确定性，无形间冲击跨境支付产业发 展前景。 作为一家长期关注跨境支付赛道的美国创投机构合伙人，王勇对此有着不同见解。 他向记者透露，当前欧美创投机构与养老基金之所以继续加码跨境支付赛道股权投资，有着新的投 资逻辑。一是在新的全球贸易格局下，全球各国都将关注本地制造业发展，令当地本土企业商品贸 易"出海"需求激增，将给跨境支付赛道带来新的增长潜力；二是现有的传统银行服务未必能满足很 多国家本土企业跨境电商出海所需的"碎片化、高频化、小额化"跨境支付要求，这意味着新的全球 跨境支付金融基础设施建设将加快，给跨境支付企业带来新的弯道超车机会；三是AI大模型对跨 境支付生态的变革，将令擅于应用AI大模型的跨境支付企业构筑更强的产品服务壁垒与用户服务 粘性，令后者在AI大模型时代有望脱颖而出。 Airwal ...

Core Insights - Despite the impact of US tariff policies on global trade, venture capital firms continue to invest robustly in the cross-border payment sector, exemplified by Airwallex's recent $300 million Series F funding round [2][3] - The changing global trade landscape is expected to increase demand for local enterprises to expand internationally, presenting new growth opportunities for cross-border payment companies [3][6] - Traditional banking services are often inadequate for the fragmented, high-frequency, and small-value cross-border payment needs of local businesses, indicating a need for new financial infrastructure [3][6] Investment Trends - Venture capital firms are optimistic about the cross-border payment sector due to the increasing demand from local businesses for international trade solutions [3][6] - Airwallex's valuation reached $6.2 billion following a revenue increase of 90% year-over-year, with projected annual revenue of $1 billion for the current year [4][5] - The focus on financial performance is becoming crucial for venture capital firms when considering investments in cross-border payment companies [5] Technological Advancements - The integration of AI technology is seen as a transformative factor for cross-border payment ecosystems, enhancing operational efficiency and risk management [11][12] - Airwallex has implemented AI-driven solutions to improve customer onboarding processes and operational accuracy, significantly reducing manual work [12][13] - The concept of "AI Agentic Finance" is emerging, where AI could take on roles traditionally held by financial professionals, potentially increasing the competitive edge of cross-border payment firms [13] Market Dynamics - The global trend of local enterprises seeking to expand internationally is expected to accelerate the development of new cross-border payment infrastructures [6][9] - Domestic cross-border payment companies are actively pursuing local payment licenses in various countries to enhance their service capabilities [10] - The competitive landscape in the cross-border payment sector is intensifying, necessitating companies to identify new revenue growth points to stand out [8][11]

Market Performance - On May 29, A-shares saw a collective increase in the three major indices, with the Shanghai Composite Index rising by 0.7%, the Shenzhen Component Index increasing by 1.24%, and the ChiNext Index up by 1.37% [1] - The North Stock 50 index experienced a significant rise of 2.73% [1] - The total trading volume in the two markets was approximately 11,854.22 billion yuan, an increase of about 1,754.72 billion yuan compared to the previous trading day [1] Stock Movement - Out of 4,472 stocks in the market, 4,472 stocks rose while 831 stocks fell, with 120 stocks hitting the daily limit up and 15 stocks hitting the daily limit down [1] Sector Performance - Leading sectors with notable gains included EDA, cross-border payment, unmanned vehicles, digital currency, financial technology, computer, biopharmaceuticals, chemical pharmaceuticals, complete automobiles, and electronic chemicals [1] - Sectors that experienced declines included gold, sugar substitutes/sweeteners, seasonings, leisure foods, precious metals, beauty care, food and beverages, and banking [1]

Core Insights - PingPong has officially received approval from the Central Bank of Malaysia, becoming the first Chinese company to hold an MSB (Money Services Business) license for B2B cross-border payments [1] Company Summary - PingPong is expanding its global compliance network by obtaining a license in Malaysia, which enhances its operational capabilities in the region [1]

Group 1 - The International Robot Skills Competition will be held on May 29, focusing on the theme "Labor is Most Glorious" and aims to promote high-quality development of the Shanghai robotics industry [1] - The Cross-Border Interbank Payment Clearing Company (CIPS) signed a memorandum of understanding with the Central Bank of the UAE to enhance cross-border payment efficiency and infrastructure [2] - The National Data Bureau is formulating policies to cultivate a unified national data market, emphasizing the need for collaboration to unlock the value of data elements [3] Group 2 - The Ministry of Transport is promoting the "Artificial Intelligence + Transportation" initiative, with a top-level design document expected to be released soon, aiming for comprehensive AI integration in the transportation sector by 2030 [4] - Taikang Stable Walk has completed the registration of a private fund management company, with an initial investment scale expected to reach 12 billion yuan, focusing on quality listed companies in domestic and Hong Kong markets [5] - Chongqing is promoting the "Cross-Border E-commerce + Industrial Belt" model to support foreign trade transformation and upgrade, targeting specific industries and aiming to establish new cross-border e-commerce industrial belts by 2027 [6][8] Group 3 - The Chinese enterprise-level solid-state drive market is projected to reach $6.25 billion in 2024, reflecting a year-on-year growth of 187.9%, with Solidigm and Samsung holding the largest market shares [9] - MSCI announced the inclusion of five new stocks in the MSCI China A Index, effective May 30, increasing the total number of samples to 394, indicating a positive outlook for the A-share market [10]

Core Viewpoint - Airwallex, a global fintech unicorn, has successfully completed a $300 million Series F funding round, achieving a post-money valuation of $6.2 billion, despite a challenging investment climate in the primary market [1][2]. Group 1: Company Overview - Founded in 2015 by four Melbourne University alumni, Airwallex initially focused on low-cost foreign exchange and real-time cross-border payments to assist SMEs with cash flow issues [1]. - Over the past decade, Airwallex has raised over $1.2 billion across 11 funding rounds, attracting top-tier investors such as Tencent, Alibaba, Sequoia, and Hillhouse [1]. - As of March 2025, Airwallex's annualized revenue reached $720 million, with total revenue growing by 90% year-on-year [5]. Group 2: Business Strategy and AI Integration - Airwallex is integrating AI into its operations, developing "AI Agentic Finance" to automate financial workflows and enhance decision-making capabilities [3][4]. - The company aims to create AI agents that can perform financial tasks for clients, allowing businesses to focus on core operations while optimizing cash management [4]. - The shift towards AI is part of a broader trend in the industry, with significant investment in AI-related startups, indicating a growing market for AI applications in finance [3]. Group 3: Global Expansion and Market Position - Airwallex has established a global presence, holding over 60 financial licenses and operating in 37 countries, which provides a competitive edge in cross-border payments [6][8]. - The company's aggressive strategy includes prioritizing local compliance teams when entering new markets, creating a regulatory moat that is difficult for competitors to replicate [6]. - The fintech firm is positioned to capitalize on the growing demand for cross-border financial services, particularly for SMEs that have been underserved by traditional banks [11]. Group 4: Industry Disruption - Airwallex aims to disrupt traditional banking by providing embedded, automated financial services that align closely with business operations, addressing the inefficiencies of existing banking infrastructure [10]. - The company is targeting a significant market opportunity, with the potential market size for global financial services for businesses projected to reach $570 billion by 2027 [11]. - Airwallex's vision is to fill the gap left by traditional banks in serving SMEs, leveraging technology to offer competitive international payment and forex management solutions [11].

Core Viewpoint - Ant Group is planning to spin off its overseas payment business, Ant International, for a public listing in Hong Kong, marking a significant move after a five-year hiatus since its IPO was suspended in 2020 [2][3]. Company Developments - Ant International is set to focus on cross-border payment services, with key products including Alipay+, Antom, and WorldFirst, which cater to both consumer and business needs [5][6]. - The company has established a global payment network connecting local wallets in 35 countries, enhancing its competitive edge [7]. - Ant International's revenue for 2024 is projected to reach 27 billion yuan, with a net profit of 2.2 billion yuan, accounting for 20% of Ant Group's total revenue [8]. Market Context - The move to list Ant International aligns with a broader trend of Chinese companies expanding overseas, driven by increasing demand for cross-border payment solutions [4]. - The company aims to leverage its blockchain technology for real-time cross-border settlements, which is a significant improvement over traditional banking methods [8]. Strategic Importance - The IPO is seen as a critical opportunity for Ant International to increase its market share and could lay the groundwork for future capital operations for other business segments within Ant Group [9]. - The restructuring of Ant Group, including the separation of its financial services, is intended to reduce reliance on traditional finance and enhance its technological capabilities [11][12]. Challenges Ahead - Ant International faces challenges such as intense competition in the global cross-border payment market and potential regulatory scrutiny during its listing process [14][15].

Group 1: Event Overview - The fifth BEYOND International Technology Innovation Expo will be held in Macau from May 21 to 24, 2025, attracting over 1,200 participating companies and more than 30,000 attendees [1] - Airwallex's Hong Kong SME Sales Manager participated in a roundtable forum discussing the latest trends in cross-border payments [1] Group 2: Market Trends - The global cross-border payment market is projected to reach $240 billion in 2024, with a year-on-year growth of 12% [3] - Cross-border e-commerce is experiencing high growth rates in key markets including the US, Europe, the UK, Hong Kong, Southeast Asia, and Australia/New Zealand, with Hong Kong's e-commerce market expected to grow by 52% to $7.25 billion by 2029 [3] Group 3: Technological Advancements - Artificial intelligence is increasingly integrated into cross-border payment processes, leading to a restructured industry ecosystem and the emergence of intelligent decision-making [4] - Airwallex has reduced account opening error rates by 50% and increased account openings by 20% through AI-optimized KYC processes [4] Group 4: Company Developments - Airwallex recently completed a $300 million Series F funding round, achieving a valuation of $6.2 billion, which will help expand its global financial service infrastructure [3] - The company has established a global payment network covering over 180 countries, with 95% of transactions settled within hours, and 68% processed instantly [5] Group 5: Strategic Initiatives - Airwallex is focusing on enhancing regional collaboration in the Greater Bay Area and has assisted nearly 6,000 local SMEs in expanding into international markets [6] - The potential market size for financial services to global enterprises is projected to reach $570 billion by 2027, with Airwallex's funding aimed at filling the gap left by traditional banks in cross-border financial services for SMEs [6]

Core Insights - Airwallex successfully completed a $300 million Series F funding round, achieving a valuation of $6.2 billion, with participation from various venture capital firms and strategic investors like Visa Ventures [1][2] - The company reported a significant growth trajectory, with annualized revenue exceeding $720 million and a 90% year-over-year increase, alongside a rise in annual transaction payment volume from $50 billion in 2022 to over $130 billion [2][4] Funding and Valuation - The recent funding round included $150 million from secondary share transfers, indicating a slight increase in valuation from $5.6 billion in the previous round [1] - Airwallex's valuation is considered credible and reflects the company's solid position in the global financial market despite challenges faced by fintech companies [2] Business Model and Market Position - Airwallex has evolved its business model from primarily serving Chinese enterprises to catering to local businesses globally, with 30% of its operations in Europe and the Americas and 70% in the Asia-Pacific region [4] - The company aims to redefine global fund flows and has expanded its product offerings, including multi-currency accounts and card products, with the cloud-based Visa card contributing nearly 30% to total revenue [4] Competitive Advantage and AI Integration - Airwallex leverages AI technology to enhance its competitive edge over traditional banks, focusing on data integration and processing capabilities [5] - The company is developing "AI agent finance" to automate traditional financial functions, significantly improving efficiency and accuracy in financial services [5]

Core Insights - Airwallex has successfully completed a $300 million Series F funding round, achieving a post-money valuation of $6.2 billion, up from $5.6 billion in the previous round [1][2] - The company has demonstrated significant growth, with annualized revenue exceeding $720 million, a 90% year-on-year increase, and annual transaction payment volume surpassing $130 billion [2] - Airwallex is positioning itself as a global financial operating system for businesses, aiming to facilitate seamless and real-time financial transactions [8] Funding and Valuation - The recent funding round included $150 million from secondary share sales, with participation from various venture capital firms and strategic investors like Visa Ventures [1] - The valuation increase reflects a strategic choice by the company to maintain its value amidst a challenging investment climate for fintech companies [1][2] Business Model and Market Expansion - Airwallex has shifted its focus from primarily serving Chinese enterprises to catering to global local businesses, enhancing its global market presence [4][5] - The company has diversified its revenue sources, with a significant increase in revenue from regions outside of Greater China, now accounting for 30% from Europe and the Americas [5][6] Product Development and Innovation - Airwallex has expanded its product offerings beyond basic payment solutions to include a comprehensive suite of financial services, such as multi-currency accounts and expense management tools [6][7] - The company is leveraging AI to enhance its services, improving customer onboarding and compliance processes, and aims to develop AI-driven financial agents to automate traditional finance roles [9][10][11] Competitive Landscape - Airwallex views its primary competition as traditional banks rather than other fintech companies, capitalizing on its agility and understanding of the Asia-Pacific market [9] - The company differentiates itself by addressing the unique needs of Asian businesses, which have been underserved by Western payment giants [7]