Going Global Enters the "Multinational Operations" Stage, How to Upgrade Cross-Border Payments

What are the deep driving forces behind AI and corporate globalization transformation?

Amid rising geopolitical uncertainties and accelerated supply chain restructuring, Chinese companies going abroad are entering a more complex stage.

Over the past thirty years, Chinese companies have evolved from “integrating into global division of labor” to “advancing manufacturing and branding simultaneously,” and now to “accelerating digital and service globalization,” with their globalization paths continuously developing. Today, going abroad is no longer just about simple trade expansion but involves multi-regional layouts, localization operations, and systemic competition in cross-border management.

“Today, it’s no longer just cross-border trade, but multinational operations,” said Shi Weny, Vice President of Ant International and CEO of Wanlihui, in an interview with First Financial. Moving from “exporting goods” to “integrating into local markets” means companies must face more complex local regulations, capital management, and operational systems.

This shift is reshaping corporate financial needs and accelerating upgrades in cross-border payments and financial infrastructure.

From “Cross-Border Trade” to “Multinational Operations”

From a regional distribution perspective, Chinese companies’ overseas expansion shows more pronounced diversification. In the past, some companies relied on a single market—especially the U.S.—to achieve scale. But in recent years, companies have proactively adjusted their layouts, started diversifying markets, and accelerated expansion into multiple regions. Emerging markets in Southeast Asia, Latin America, and Africa are growing significantly faster than mature markets in Europe and North America, gradually becoming new growth engines.

According to the Ministry of Commerce, by 2025, China’s non-financial direct investments in the EU and Africa are expected to grow by 41% and 20.9% year-on-year, respectively, outpacing the overall growth rate of 1.3% for China’s foreign non-financial direct investment. “Many businesses used to succeed just in the U.S. market, but now more companies are entering emerging markets in Asia, Africa, and Latin America, where growth is much higher than in Europe and the U.S.,” Shi Weny said.

Alongside diversified market layouts, the global supply chain system is also undergoing rapid restructuring. Post-pandemic, both enterprises and nations are paying more attention to supply chain security and business continuity. Manufacturing models are shifting from the highly centralized “global factory” structure to regional and multi-center layouts.

Shi Weny pointed out that Chinese companies have established multiple regional manufacturing centers overseas, including Vietnam, Thailand, Malaysia in Southeast Asia; Turkey and Germany in Europe; and Mexico in the Americas. Meanwhile, some low-value-added capacities are extending further into Africa. “We see many Chinese companies setting up factories in Africa, from cement and tiles to food processing, with investment scales often exceeding 100 million RMB,” she said.

In this context, the number of Chinese companies going abroad has increased significantly. According to data from the Ministry of Commerce in January 2026, by the end of 2025, over 50,000 Chinese enterprises had established overseas entities across 190 countries and regions; in 2025, China’s foreign direct investment reached $174.38 billion, a 7.1% increase year-on-year.

Along with regional expansion, there are profound industry structural changes. The main players are shifting from traditional manufacturing to service and digital industries. Digital entertainment, short videos, gaming, and SaaS companies are accelerating their global reach, becoming a new force in overseas expansion.

“Today, going abroad is no longer just manufacturing; more and more service industries are going global,” Shi Weny emphasized. Digital entertainment, short videos, gaming, and SaaS firms are becoming key drivers of the new wave of globalization.

For example, in the short video sector, companies are no longer limited to content translation and simple distribution but are producing content locally in overseas markets and distributing it to local audiences, building more comprehensive localized content production systems. Meanwhile, MCN agencies, digital marketing service providers, and various tool-based companies that have grown around e-commerce ecosystems are copying mature domestic models to overseas markets.

Financial Needs Shift from “Receiving Remittances” to “Global Accounts”

The changing form of companies’ overseas operations is profoundly reshaping their financial needs.

In the early stages, the primary goal was secure receipt of funds. Tools like letters of credit, bank guarantees, and telegraphic transfers were mainstream, mainly providing transaction security and fund repatriation. As companies grew and overseas orders increased, entering rapid expansion phases, structured financial products like trade finance and factoring began to play a role, supporting companies in expanding overseas markets and optimizing cash flow management.

However, at the current stage, companies’ financial focus has shifted significantly. “Today, companies need not just to bring money back, but to manage funds globally,” Shi Weny said. In other words, their needs are upgrading from single payment tools to comprehensive global fund management systems.

With multi-regional layouts, companies require multi-currency accounts, local collection capabilities, and cross-region fund transfer abilities.

Second, treasury management has become increasingly important. As global exchange rate volatility intensifies, companies are actively hedging risks and managing exposure rather than relying solely on pricing buffers. Shi Weny mentioned that large overseas companies use AI-based forex prediction models to analyze and forecast future foreign exchange exposures, optimizing liquidity and hedging strategies. “Some clients have reduced their forex hedging costs by 40% or more.”

Meanwhile, compliance pressures are rising. As companies move from “cross-border trade” to “multinational operations,” establishing entities overseas requires navigating local tax systems, regulatory frameworks, and data compliance. Especially for local registration and long-term operations, companies must continuously adapt to complex legal and regulatory environments. For small and medium-sized enterprises, this transition is particularly critical. Insufficient compliance capabilities often become a practical barrier to entering new markets.

“Originally, it was ‘goods flying globally, people staying home’; now, companies must truly enter local markets, which means solving tax, compliance, and ecosystem issues,” she said.

Transformation of Financial Institutions: From Payment Tools to Global Infrastructure

The evolving needs of companies are driving upgrades in cross-border financial services. Financial institutions are shifting from being mere transaction channels to becoming builders of overseas infrastructure.

First, in capability structure, institutions are upgrading from single-point payment networks to comprehensive “payment + one-stop financial services” global account systems. For example, Ant International has established four main segments: cross-border payment network, merchant acquiring, global account services, and scenario-based finance. Its Alipay+ platform supports over 40 payment methods, serving 1.8 billion users and 150 million merchants across more than 100 countries and regions; Antom, its global merchant payment service, supports over 300 payment methods, covering over 200 countries and regions; Wanlihui (WorldFirst), its global corporate account service, supports over 1.5 million cross-border companies, with a total transaction volume of $500 billion.

Second, in terms of compliance, the industry is forming a “global license network.” Currently, Ant International holds over 100 financial service licenses worldwide, serving over 200 countries and regions, and cooperates closely with 1,400 financial institutions globally, partnering with more than 500 ecosystem organizations to support Chinese companies going abroad.

Payment providers like LianLian, PingPong, and Airwallex are also expanding their cross-jurisdictional licenses and building cross-border compliance capabilities. For example, LianLian has established 66 licenses covering over 100 countries and supports settlement in more than 130 currencies. PingPong offers unified payment aggregation solutions for chain brands, enabling multi-country payment systems to be integrated once. Payoneer has launched the “Yingdong Latin America” plan, aiming to help 600 Chinese brands enter Latin American markets within three years.

This indicates that competition among financial institutions is shifting from focusing solely on payment rates to emphasizing global compliance capabilities and network coverage.

Finally, at the technological level, cross-border finance is moving from tool-based applications to systemic upgrades. Blockchain and real-time clearing networks improve cross-border settlement efficiency; multi-currency account systems support centralized global fund management and flexible transfers; AI technology is deeply embedded in risk control, operations, and payment path optimization. In practical applications, AI is widely used for real-time fraud detection, multi-language intelligent customer service, automatic reconciliation, routing, and automatic retries.

Additionally, in areas like compliance review, customer identity verification, and document validation, LianLian International is deploying AI-driven risk control systems for real-time compliance checks and automated data analysis, significantly improving review efficiency and risk detection. Payoneer uses AI to analyze device hardware features and user behavior patterns (such as login times, locations, and operation habits) to identify anomalies and block potential fraud, enhancing overall security and transaction success rates. Ant International collaborates with leading large models domestically and abroad; its SHIELD risk control model monitors transaction risks in real time, with fraud risk rates below one in ten thousand, successfully intercepting about 90% of account hijacking during testing.

(Article from First Financial)