Ant International has received approval from Bank Negara Malaysia to operate under a class A money services business license.

The license allows Ant International’s WorldFirst, a digital cross-border payment and treasury service, to offer its products in Malaysia.

WorldFirst provides international payment and treasury solutions to businesses, including small and medium-sized enterprises.

Malaysia’s digital economy is projected to see ecommerce gross merchandise value reach US$16 billion by 2025 and US$25 billion by 2030, according to a report from Deloitte and WorldFirst.

WorldFirst has set up local operations in Malaysia and plans to support companies trading internationally.

The company said it serves over 1.2 million SMEs worldwide and offers financial products such as the World Account and World Card, which are currently available in other markets.

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🔗 Source: WorldFirst

🧠 Food for thought

1️⃣ Southeast Asia’s underbanked population creates massive opportunity for digital payment providers

WorldFirst’s expansion into Malaysia taps into a region where traditional banking has left significant gaps in financial services coverage.

Over 70% of Southeast Asia’s adult population remains either underbanked or unbanked, according to a comprehensive study by Google, Temasek, and Bain & Company covering six major markets with 570 million people1.

This underserved segment represents the primary growth engine for digital financial services, with technology-enabled business models offering effective solutions where traditional banking has struggled to reach.

Digital financial solutions could address approximately 40% of unmet demand for payment services and 20% of unmet credit needs specifically for micro, small, and medium enterprises across the region2.

The scale of this opportunity helps explain why WorldFirst emphasizes serving SMEs and why Malaysia’s focus on supporting small businesses through multi-currency solutions aligns with broader regional trends.

2️⃣ Cross-border payments market represents one of fintech’s largest growth opportunities

The timing of WorldFirst’s Malaysian license reflects the company’s positioning in a rapidly expanding global market for cross-border financial services.

The cross-border payments market is projected to reach $65 trillion by 2032, driven by increasing demand for efficient and cost-effective international payment solutions3.

This massive scale explains why companies like WorldFirst have built extensive global licensing networks. The company now holds over 60 licenses worldwide to facilitate these transactions.

The urgency around improving cross-border payment speed is evident in the G20’s ambitious target for 75% of international payments to be credited within one hour by the end of 20274.

WorldFirst’s World Account, which integrates with 130+ marketplaces including Amazon and Walmart, positions the company to capture value from the growing e-commerce component of this cross-border flow as Malaysian merchants increasingly expand internationally.

Recent Ant International developments

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