UK-headquartered WorldFirst has expanded into Dubai and opened a representative office at Dubai International Financial Centre (DIFC) to create a platform for international trade and currency exchange.
The expansion will enable WorldFirst to provide currency exchange services and cross-border payment solutions for e-commerce businesses and individuals to the Middle East, Africa and South Asia (MEASA) region.
WorldFirst was acquired by Ant Financial, the financial technology arm of Alibaba Group Holding Limited, in February 2019.
“WorldFirst joins more than 2,300 active registered organisations and a FinTech community of more than 100 firms that have made the DIFC their location of choice in order to service the MEASA region,” Arif Amiri, Chief Executive Officer, DIFC Authority, said in a statement.
Moreover, he said the launch will enable WorldFirst to tap into the MEASA region’s burgeoning e-commerce market which is projected to be worth $97 billion by 2020 and continue their upward growth trajectory.
Home to the largest financial ecosystem in the region, the DIFC has succeeded in attracting some of the world's leading financial institutions since 2004.
The DIFC FinTech ecosystem has achieved a three-fold growth since the end of 2018.
To date, Jonathan Quin, CEO at WorldFirst, said that more than 250,000 global customers have chosen WorldFirst for their international transfers.
“We have transferred $70b for customers since our launch and undertaken more than one million transfers per year. Now is an exciting time for the e-commerce industry and we believe the Middle East offers vast potential for growth as we continue our journey to become the world’s best foreign exchange platform for individuals and international businesses,” Quin said.