The cross-border payments platform WorldFirst, now under the purview of Ant International, has achieved a significant milestone by processing US$100 billion in annual payment volume in 2024. This figure represents a remarkable fourfold increase from the US$25 billion processed in 2020, as the platform continues to support small and medium-sized enterprises (SMEs) across the globe. In total, WorldFirst has facilitated over US$300 billion in payments for approximately one million SMEs worldwide.
Ant International is actively pursuing technological advancements as part of its commitment to financial inclusion. The company’s embedded finance division uses a combination of artificial intelligence (AI) and blockchain technology—a decentralised digital ledger system—to offer foreign exchange, treasury management, and lending services to its customers. This approach enhances operational efficiency across its various business units.
A notable development from this division is the creation of a Time-Series Transformer AI model, which is designed for predicting foreign exchange requirements with impressive precision. This model forecasts currency needs on an hourly basis, boasting a 90 per cent accuracy rate. Its primary aim is to lower treasury management costs, particularly for multinational merchants operating in sectors such as airline and e-commerce.
In a further effort towards financial inclusion, Ant International’s digital banking subsidiary, ANEXT Bank, has introduced a credit service named bettr, which currently serves 11 million customers in Bangladesh and Indonesia. This service extends uncollateralised loans to first-time borrowers by leveraging AI-driven credit ratings to assess risk.
"2024 has been a transformative year for Ant International," stated Peng Yang, Chief Executive Officer of Ant International, emphasising the company’s focus on fostering inclusive growth through AI-powered innovations. Yang pointed out the importance of collaboration in enhancing experiences across cross-border travel, trade, commerce, and finance.
The company has also reported that its blockchain settlement network is now responsible for processing more than one-third of its overall payments volume through a continuous real-time settlement process. Furthermore, Ant International has seen its total loans under management across SME financing services double in 2024 compared to the previous year.
Looking ahead, Yang indicated that "in 2025, we will continue to be laser-focused on supporting SMEs across borders with AI-powered innovative and trusted payment, digitalisation, and inclusive financing solutions through expanded public- and private-sector collaboration." This forward-looking statement reflects Ant International’s commitment to leveraging technology to empower businesses and enhance operational efficiencies in the financial services landscape.
As these developments unfold, companies and stakeholders in the financial ecosystem are encouraged to keep abreast of the latest industry news and participate in discussions at global conference series such as Sustainability LIVE, hosted by Business Chief, to remain informed on emerging trends and insights in the realm of AI automation and its implications for businesses.
Source: Noah Wire Services