Cross-border B2B payments company First Global Data is working with what it calls a “mini Alibaba” in China, the firm revealed Tuesday (Feb. 7).
The company signed an agreement to provide payment services for eGTCP.com, an eCommerce-as-a-Service platform that helps businesses sell goods from China to corporate buyers in international markets. The company experienced significant growth last year, reports said, adding 15,000 vendors in 2016.
“EGTCP is a key strategic partner for First Global,” said First Global CFO Nayeem Alli. “They are a fast-moving company focused on extending their reach to business purchasers around the world. Our global reach, strategic partnership model and compliant international payments capabilities enable us to add value and drive new revenues from the B2B market segment.”
“This is a new frontier for First Global, and we believe that the B2B market will generate significant revenues for the company in the future,” the CFO added.
In another statement, the firm’s chairman and CEO, Andre Itwaru, pointed to the strategic role China plays in the international B2B eCommerce space.
“The Chinese market dominates the eCommerce landscape, the B2B market is large and growing and this is a key next step in First Global’s evolution,” the executive stated. “We had historically focused on the P2P and B2C market opportunities and are very pleased to demonstrate that we are able to deliver services to the B2B markets around the world as we continue to evolve into a full-suite global FinTech company.”
Analysts at iResearch concluded in a 2015 report that B2B eCommerce is helping to shape China’s FinTech and payments landscapes.