Core Insights - In 2025, China's foreign trade demonstrates resilience amid complex environments, with a 6.2% year-on-year increase in goods exports in the first ten months, particularly strong growth in emerging markets like ASEAN, the Middle East, and Latin America [1] - Ant International's cross-border payment and account service brand, WorldFirst, reported serving over 1.5 million global enterprise clients and processing nearly $200 billion in transaction volume, reflecting a growth of nearly 100% [1] - The shift in China's foreign trade focus is moving from "scale expansion" to "high-quality outbound" strategies, with cross-border financial services accelerating tailored solutions for enterprises [1][8] Group 1: Business Growth and Services - WorldFirst's transaction volume in emerging markets grew over 300% in the first half of 2025, with services now covering over 220 countries and regions [2] - The introduction of the multi-currency account "World Account" allows enterprises to manage global business efficiently, supporting 32 currencies for wallet balances and 101 currencies for payments [2] - The launch of the "World Card" and wealth management products enhances the one-stop cross-border financial service capability, streamlining the entire process from collection to payment [2] Group 2: Compliance and Localization - WorldFirst emphasizes a "compliance first, localized deep cultivation" service system to address the varying compliance needs of outbound enterprises, having obtained over 60 payment licenses globally [4] - Strategic partnerships with local financial institutions in Southeast Asia, the Middle East, and Africa enhance local service capabilities and support cross-border financial services for SMEs [4] - A solution for Sino-African trade has been launched, supporting local currency collections in 13 African countries, facilitating trade relations [4] Group 3: AI Integration and Risk Management - AI tools are widely applied, with 90% of sellers using AI to control risks and reduce costs, achieving 100% multilingual customer service availability [7] - The self-developed "Eagle Sequence" AI model predicts foreign exchange needs with over 90% accuracy, potentially reducing foreign exchange costs by up to 60% [7] - The SHIELD risk control model monitors transactions in real-time, ensuring payment security and reducing the risk of frozen accounts [7] Group 4: Strategic Shift in Global Operations - The growth of WorldFirst in 2025 reflects a profound shift in the paradigm of Chinese enterprises going global, focusing on efficiency, resilience, and sustainability [8] - The need for systematic, intelligent, and compliant global operational capabilities is emphasized to help enterprises navigate cyclical fluctuations and conduct global business effectively [8]

2025年，中国外贸在复杂环境中展现韧性。海关总署数据显示，前10个月货物出口同比增长6.2%，对东盟、中东、拉美等新兴市场增速尤为亮眼；前三季 度服务贸易出口增长14.4%，数字文化、游戏、SaaS等"软实力"加速出海。 同时，针对数娱、电商、航旅、灵活用工、SaaS等数字出海产业的全球资金管理与分发需求，万里汇推出面向开发者的解决方案及面向大型数字平台的API 解决方案，将自身服务能力产品化、生态化，帮助数字平台构建高效、合规的全球资金管理体系。让大、中、小型更多元化的企业"轻装上阵"融入全球生 态。 合规先行+本地化服务打开新兴市场 出海企业高度关注各地区、各市场不同的合规需求。据万里汇2025年二季度客户调研，43%的跨境卖家担忧合规成本上升。为此，万里汇搭建"合规先行、 本地化深耕"的服务体系。目前，万里汇在全球范围内获得超过60张支付牌照及相关资质，并在今年取得马来西亚MSB牌照。并在马来西亚、墨西哥、沙特 等地布局本地办公室，组建多语言服务团队。 在此背景下，蚂蚁国际旗下跨境支付与账户服务品牌万里汇(WorldFirst)发布年度业务数据：2025年服务全球企业客户超过150万，处理交易金额近2 ...

Core Insights - In 2025, China's foreign trade demonstrates resilience amid complex environments, with a 6.2% year-on-year increase in goods exports in the first ten months, particularly strong growth in emerging markets like ASEAN, the Middle East, and Latin America [1] - Ant International's cross-border payment and account service brand, WorldFirst, reported serving over 1.5 million global enterprise clients and processing nearly $200 billion in transaction volume, reflecting a nearly 100% year-on-year growth [1] - The growth indicates a shift in Chinese foreign trade from "scale expansion" to "high-quality outbound" strategies, with cross-border financial services accelerating tailored solutions for enterprises [1] Cross-Border Financial Services - WorldFirst's "World Account" has seen over 300% growth in transaction volume in emerging markets in the first half of 2025, supporting businesses in managing multiple markets and currencies [3] - The service now covers over 220 countries and regions, with wallet balances in 32 currencies and support for payments in 101 currencies, achieving same-day settlement for 95% of transactions [3] - The introduction of the "World Card" and "World Wealth" products enhances the one-stop cross-border financial service capability, allowing enterprises to manage the entire process from receiving payments to currency exchange and fund management [3] Compliance and Localization - WorldFirst has established a compliance-first and localized service system, obtaining over 60 payment licenses globally, including a recent license in Malaysia [5] - Partnerships with local financial institutions in Southeast Asia, the Middle East, and Africa enhance local payment and settlement capabilities [5] - The company has launched solutions to facilitate trade between China and Africa, supporting local currency payments in 13 African countries [5] AI Integration - 90% of WorldFirst's cross-border sellers are utilizing AI tools, with 100% of customer service now available 24/7 in multiple languages [7] - The self-developed "Eagle Sequence" AI model predicts foreign exchange needs with over 90% accuracy, potentially reducing foreign exchange costs by up to 60% [7] - The SHIELD risk control model monitors transactions in real-time, ensuring payment security and reducing risks associated with frozen accounts [7] Strategic Shift in Global Operations - The growth of WorldFirst in 2025 reflects a significant shift in the paradigm of Chinese enterprises going global, moving from speed and scale to efficiency, resilience, and sustainability [8] - The focus is on building systematic, intelligent, and compliant global operational capabilities to help enterprises navigate cyclical fluctuations and conduct global business effectively [8]

Core Insights - The Guangdong-Singapore Cooperation Council's 15th meeting announced the launch of the Shenzhen-Singapore Cross-Border Data Verification Platform, aimed at creating a new digital cross-border service infrastructure between Shenzhen and Singapore [1] - The platform is supported by various government departments and is operated by the National (Shenzhen Qianhai) New Internet Exchange Center and Singapore's Accredify, with WeBank providing overall design and technical support [1][2] - The initial phase of the platform will focus on cross-border financial services, enabling mutual verification of personal credit reports between companies in Shenzhen and Singapore [1] Group 1 - The platform utilizes the FISCO BCOS blockchain technology and Distributed Data Transmission Protocol (DDTP) to ensure secure and traceable cross-border data verification [2] - It addresses the challenges of data collaboration across different institutions, industries, and scenarios in Shenzhen and Singapore [2] - The cross-border data verification model has been successfully implemented in the Guangdong-Hong Kong-Macao Greater Bay Area, with over 40 institutions connected through existing platforms [2]

Core Insights - The OECD Common Reporting Standard (CRS) has completed its fifth round of bulk exchanges, involving 157 countries, enhancing global tax transparency and compliance [1] - Chinese tax authorities have gained access to extensive overseas financial account information, allowing for more comprehensive regulation of cross-border business and financial flows [1] - Many enterprises still harbor misconceptions about cross-border tax compliance, necessitating professional guidance to navigate these complexities [1] Group 1: Misconceptions about Tax Compliance - The primary goal of tax compliance design is to reasonably reduce tax burden costs, not merely to avoid penalties [2][3] - Tax compliance is not a one-time setup; it requires continuous adjustments based on the business's operational stage and market conditions [4] - Companies often overlook the role of Hong Kong as a flexible hub for overseas expansion, focusing solely on destination compliance [6][7] Group 2: Importance of Professional Guidance - Enterprises must understand local market policies and tax risks to effectively evaluate potential returns and costs [5] - Professional services can help businesses design tax structures that consider global tax system differences, optimizing costs from the outset [3][4] - The collaboration between platforms and service providers is essential for creating a compliance ecosystem that supports Chinese enterprises in global markets [8]

Core Insights - The main pain points for companies engaging in cross-border business include difficulties in overseas financing, exchange rate fluctuations, and transaction timeliness [1][2][3] Group 1: Cross-Border Financial Demand - The globalization of Chinese enterprises is accelerating, with a projected foreign direct investment (FDI) flow of $192.2 billion in 2024, representing 11.9% of the global share, an increase of 0.5 percentage points from the previous year [2] - By the end of 2024, the stock of China's foreign direct investment is expected to reach $3.14 trillion, maintaining a top-three global ranking for eight consecutive years [2] - Chinese investors have established 52,000 overseas enterprises across 190 countries and regions, with reinvested earnings from these enterprises amounting to $77.89 billion in 2024, accounting for 40.5% of the total flow [2] Group 2: Challenges in Financing - Many mid-sized and small enterprises face significant challenges in securing financing for overseas expansion, as financial institutions are still in the early stages of providing services to these companies [3] - There is a growing demand for financial services as Chinese enterprises expand their products and brands internationally, but local banks often lack familiarity with Chinese companies, making it difficult to obtain support [3] Group 3: Initiatives in the Lingang New Area - The Lingang New Area is working to create a "super ecosystem" for cross-border services, aiming to make cross-border transactions easier, cheaper, and faster [4][5] - By the end of 2024, over 700 financial and investment firms are expected to be concentrated in the Lingang New Area, with a compound annual growth rate of over 50% in the scale of currency transactions [4] - The establishment of a comprehensive service platform has integrated over 520 professional service institutions to provide a full range of services for enterprises, including foreign investment registration and risk analysis [4][5] Group 4: Financial Services for Enterprises - The "Go Global" comprehensive service platform has served over 1,000 outbound enterprises, linking diverse financial resources to support cross-border financing, payment settlements, and insurance services [5] - The platform aims to reduce transaction costs and financing barriers for enterprises, featuring initiatives like "lightning roadshows" and "financial markets" to showcase various financial products [5] - Companies like Miyi (Shanghai) Automotive Technology Co., Ltd. are seeking specific financial services such as export credit insurance and supply chain financing to better align with their operational needs [6]

Core Insights - A new batch of 18 key enterprises has signed agreements to establish operations in Hong Kong, including three global pharmaceutical leaders and companies in AI, autonomous driving, microelectronics, and cross-border financial services [1][2] - The total number of key enterprises attracted to Hong Kong has exceeded 100, bringing approximately HKD 600 billion in investments and creating around 22,000 jobs [1][2] Group 1: Attraction of Enterprises - The latest batch of key enterprises includes a significant proportion of overseas companies, accounting for 40%, indicating Hong Kong's enhanced "magnetic pull" for international businesses [2] - Roche, one of the world's top ten pharmaceutical companies, highlighted the favorable environment for medical innovation fostered by the Hong Kong government [2] - The presence of these enterprises aligns with Hong Kong's industrial upgrade direction, injecting new momentum into the economy [2] Group 2: Economic Impact and Future Directions - The focus of the new enterprises is on cutting-edge fields such as pharmaceuticals, AI, and cultural technology, which aligns with Hong Kong's policy direction for developing innovative industries [2] - The Hong Kong government aims to support the sustainable growth of these enterprises by fostering high-value manufacturing and promoting new industrialization [5] - Recent international rankings reaffirm Hong Kong's status as the world's freest economy and its position as a leading global financial center, reflecting its increasing competitiveness [6]

Core Insights - The Hong Kong government has successfully signed agreements with 18 key enterprises, including three global pharmaceutical leaders and companies in AI, autonomous driving, microelectronics, and cross-border financial services [1] - This initiative is seen as a combination of an "effective government" and a "dynamic market," which is expected to enhance Hong Kong's competitiveness and accelerate industrial development [1] - Over the past two years, more than 100 high-potential enterprises have established a presence in Hong Kong, projected to bring approximately HKD 60 billion in investments and create around 22,000 jobs [1]

Core Viewpoint - The development of cross-border financial services in China is progressing steadily, but there are significant challenges that need to be addressed to enhance its effectiveness and support international economic participation [1][2]. Group 1: Current State of Cross-Border Financial Services - China's cross-border financial service system has been steadily advancing, contributing significantly to international economic circulation [1]. - The current landscape presents various challenges, including increased complexity in cross-border financial risks due to global economic instability [2]. Group 2: Challenges Faced by Financial Institutions - Chinese financial institutions face threats related to international financial infrastructure, overseas asset security, and regulatory scrutiny [2]. - Companies expanding internationally encounter more complex financial and non-financial issues compared to domestic operations [2]. Group 3: Recommendations for Improvement - It is essential to innovate and diversify cross-border financial products and services supported by new technologies, including optimizing foreign exchange management and expanding free trade account functionalities [3]. - Establishing syndicate loan centers in banks can help meet the financing needs of domestic companies going abroad [3]. - Risk management must be a priority, with recommendations for developing diverse foreign exchange hedging products and enhancing insurance support for export enterprises [3]. Group 4: Enhancing Financial Market Capabilities - Increasing openness and access in domestic financial markets is crucial for providing cross-border financial services [3]. - Optimizing existing financial connectivity mechanisms like Shanghai-Hong Kong Stock Connect and introducing more RMB-denominated financial products can enhance liquidity [3]. Group 5: Infrastructure Development - The construction of cross-border financial infrastructure is vital, with suggestions to utilize technologies like blockchain and cloud computing to create adjustable financial service platforms [4]. - Enhancing the functionality of the Cross-Border Interbank Payment System (CIPS) is necessary for efficient and secure settlement services in global trade and investment [4].

Core Insights - The XTransfer PMI report indicates a positive export outlook for small and micro foreign trade enterprises in China, with a PMI index of 52.4% in July, slightly above the neutral point [1] - The report highlights that African countries have the highest export PMI, particularly Ghana and Nigeria, as small and micro enterprises seek new opportunities in the African market due to declining demand in the US [1] Group 1: Export Trends - The "new three samples" of exports, including lithium batteries, new energy vehicles, and solar cells, have shown strong performance, with order and price indices significantly above the market average [2] - Southeast Asia has emerged as a key export region for the "new three samples," while Europe’s energy-saving policies continue to drive demand for these products [2] - Infrastructure demands in Latin America and Africa present substantial market potential for the export of "new three samples" [2] Group 2: Business Adaptation - Many enterprises emphasize the importance of resilience and confidence in the face of external uncertainties and increasing market competition, highlighting the need for differentiated competitive advantages [2] - A case study from a mechanical products exporter in Guangzhou illustrates how XTransfer's local collection accounts have improved cash flow efficiency by reducing transaction times and fees [2] - XTransfer aims to leverage its industry-leading platform to share insights and trends with foreign trade practitioners, enhancing their global business strategies [2]