UK-based fintech firm WorldFirst announces building its first wholly-owned subsidiary in China at the Lujiazui Emerging Finance Industrial Park in Shanghai's Pudong New Area on Nov 8. [Photo/WeChat account: lujiazuijrc]

UK-based fintech firm WorldFirst announced the building of its first wholly-owned subsidiary in China at the Lujiazui Emerging Finance Industrial Park in Shanghai's Pudong New Area, at a news briefing held on Nov 8.

WorldFirst, founded in 2004, is one of three largest British foreign currency exchange companies and one of the fastest-developing fintech companies in Europe. As of the end of September 2017, it has served over 120,000 e-commerce clients and its overall trade volume has exceeded £65 billion ($85 billion).

The company has always attached great importance to Chinese businesses and was one of the earliest foreign financial companies serving Chinese cross-border e-commerce firms. It has been looking for ways to expand its presence in China.

The landing of its wholly-owned subsidiary in Lujiazui will help the company gain a better understanding of the Chinese market and get closer to Chinese customers, said Jeff Parker, managing director of WorldFirst Asia Pacific.

Parker also claimed that the company will soon release a knock-out product for B2B cross-border financial service named "World Account". The product, based on the company's global network and full-fledged operation system, provides cross-border e-commerce B2B firms with one-stop financial payment and collection services.

Guo Zhiying, deputy director of Lujiazui Financial City Management Bureau, said that the arrival of the company is of great significance to enhancing cooperation and exchanges between Chinese and British fintech sectors and encouraging products and business innovation in Lujiazui's fintech sector.

Parker also mentioned that WorldFirst plans to build more branches in other Chinese cities and intends to set up representative offices in Shanghai and Shenzhen next year.