Bloomberg/Bryn Coltonby Kudakwashe Muzoriwa
UK-based WorldFirst has opened a representative office at Dubai International Financial Centre (DIFC) to provide currency exchange services and cross-border payment solutions for e-commerce businesses as well as individuals to the Middle East, Africa and South Asia (MEASA) region.
Arif Amiri, the CEO of DIFC Authority, said, “The launch of WorldFirst in the centre will enable the organisation to tap into the Middle East, North Africa and South Asia region’s burgeoning e-commerce market which is projected to be worth $97 billion by 2020 and continue their upward growth trajectory.”
The payments firm which was acquired by Alibaba Group’s Ant Financial in February 2019 will also support international money transfers in multiple currencies from across the region, creating a best practise platform for international trade and currency exchange.
DIFC stated that WorldFirst represents Ant Financial’s first major base within the region and the new office will allow the brand to exploit the largely untapped e-commerce market.
WorldFirst has around 250,000 customers globally and works with leading international companies including e-commerce giant Amazon.
Jonathan Quin, the CEO at WorldFirst, said, “We are delighted to commence operations within the DIFC with the launch of our seventh global office.”