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The B2B cross-border trade payment market is immense, yet remain highly underserved

HONG KONG SAR – Media OutReach Newswire – 9 February 2026 – According to the World Bank, SMEs account for approximately 90% the world’s businesses and contribute 65% of the global cross-border trade. SMEs play a pivotal rolein most economies, particularly in emerging markets. Estimates from the World Trade Organization (WTO) and the Organization for Economic Co-operation and Development (OECD) suggest that B2B cross-border trade payment market for SMEs is worth approximately $20 trillion.

However, traditional commercial banks have been facing multiple challenges in serving SMEs, including strict compliance and risk control requirements, lower profit generating, and license limitations, resulting in a large unmet demand through formal financial systems.

XTransfer’s field research in emerging markets indicates that many SMEs resort to illicit settlement channels like underground banks out of necessity. In fact, the trade volume processed through these unofficial avenues could be 2 to 5 times larger than the official import and export figures.

Compared to other segments, B2B cross-border payment presents vast opportunities

In the cross-border payment industry, services can be categorised into four segments based on money flows:

Marketplace 2B
These businesses provide payment processing services for sellers on e-commerce platforms. Risk control is primarily based on e-commerce platform’s integrated of data streams (e.g., merchant details, logistics, transaction history). With relatively low technical barriers and compliance capabilities, the industry is highly saturated.

B2B
Focused on traditional cross-border trade enterprises, this segment has huge potential but features high risk control complexity and high barriers. Payment service providers must individually verify the entire information flow pertaining to each transaction (including buyer/seller details, orders, logistics, contracts, etc.), which results in many companies attempting to enter, but few succeed.

C2C
This primarily covers cross-border remittances between individuals. The overall market scale is relatively small, with limited use cases.

C2B
This is the most well-established segment, dominated by cross-border payment giants such as Visa, Mastercard, PayPal, and Stripe. The market is saturated with intense competition.

As a reference, the C2B cross-border payment industry has evolved dramatically over the last five decades, especially in the past ten years. Mobile wallet providers in China, the U.S. and Europe drove the mobile payment revolution, establishing a well-established cross-border settlement and risk control platform dominated by card schemes and wallets like PayPal. The system features significant advantages, including efficient transaction processes and unified risk control standards.

In contrast, B2B cross-border payments still primarily rely on traditional bank transfers. The sector as a whole is still on the cusp of the “mobile payment revolution” and has not yet formed a unified clearing mechanism or a standardized risk control system.

However, this development gap also points to a huge market opportunity. The B2B cross-border settlement market for SMEs desperately needs a shake-up. Service providers that possess a deep understanding of global customer needs and are equipped with technological and compliance capabilities will unleash vast growth potential in this space.

Beyond Borders: XTransfer Insights is a thought-leadership series that shares XTransfer’s perspectives on the forces shaping global trade and financial services. Through research-driven insights and real-world observations, it highlights emerging trends, key challenges, and opportunities across international markets.
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Larsen & Toubro is set to expand its data centre footprint to 32 megawatts by the end of March, commissioning 18 MW of new capacity as the engineering major sharpens its focus on digital infrastructure alongside emerging opportunities in green hydrogen and semiconductors.

The additional capacity will lift the group’s operational data centre load from the existing 14 MW, marking a decisive step in a segment that has become a core pillar of its technology-led growth strategy. The commissioning is scheduled to be completed before the close of the financial year, aligning with strong demand from cloud service providers, hyperscalers and large enterprises accelerating their migration to outsourced digital infrastructure.

Larsen & Toubro has steadily built its data centre business over the past few years, leveraging its engineering, procurement and construction capabilities to develop facilities that meet high standards for power efficiency, uptime and scalability. Executives have previously indicated that the group’s focus is on delivering carrier-neutral and hyperscale-ready campuses in key metros, where demand continues to outpace supply despite a wave of new announcements by domestic and global operators.

Industry estimates show that data consumption growth, artificial intelligence workloads and stricter data localisation norms are driving sustained investment in capacity across Asia. India remains one of the fastest-growing markets in this space, with several multinational cloud companies committing to expand their presence. Against this backdrop, L&T’s move to lift capacity by more than double underscores its intention to be a long-term player rather than a peripheral builder.

The data centre expansion is being pursued alongside the company’s ambitions in newer industrial segments. L&T has signalled that it is actively pursuing orders related to electrolysers, a critical component for producing green hydrogen, as governments and industrial groups accelerate decarbonisation plans. Electrolyser manufacturing and deployment are viewed as strategic areas where the company’s heavy engineering background can be translated into repeatable, export-oriented businesses.

Management has also reiterated interest in the semiconductor ecosystem, particularly in supplying equipment, engineering services and infrastructure for chip fabrication and assembly units. While L&T is not positioning itself as a chipmaker, it aims to capture value across the supply chain as multiple semiconductor projects move from proposal to execution stages. The company has indicated that it is evaluating opportunities linked to cleanroom construction, precision engineering and advanced manufacturing systems required by chip plants.

Analysts tracking the capital goods sector note that diversification into data centres and clean energy-linked manufacturing provides a hedge against cyclicality in traditional infrastructure spending. Order inflows from transport, hydrocarbons and power transmission remain important for L&T, but newer verticals are expected to deliver higher margins and longer visibility once scale is achieved.

The data centre business, in particular, benefits from predictable long-term contracts and rising demand for energy-efficient facilities. Power availability and cooling efficiency have become critical differentiators as operators seek to control operating costs and meet sustainability targets. L&T has highlighted its emphasis on optimised designs, modular construction and integration of renewable energy where feasible, in response to customer requirements.

From a financial perspective, the 18 MW commissioning is not expected to materially strain the balance sheet, given the group’s strong cash flows and diversified revenue base. The company has historically funded growth through a mix of internal accruals and selective partnerships, and similar structures are being explored for digital infrastructure projects to manage risk and accelerate execution.

Market participants also point to the broader ecosystem benefits of large data centre builds, including demand for electrical equipment, cooling systems, specialised construction and long-term maintenance services. This creates opportunities for L&T to cross-leverage capabilities across its subsidiaries and verticals, reinforcing the strategic rationale behind the expansion.

Challenging Business Environment Demands New Solutions

Hong Kong’s SMEs are facing unprecedented operational pressures. According to a survey by CPA Australia, 37% of small businesses in Hong Kong struggle to obtain external financing. Data from Airwallex further reveals that 96% of SMEs have experienced cash flow difficulties in the past year. With property asset values declining, banks’ insistence on property collateral for loans has left many enterprises in financial distress.

Responding to Market Needs with Systematic Business Upgrade Solutions

“Hong Kong has never lacked capital—what’s missing is the mechanism to connect businesses with it,” Rick Tam noted. The programme addresses common pain points faced by local SMEs, including declining profits, low business valuations, tight cash flow, and recruitment challenges. Built upon the four-pillar framework of “Commerce, Strategy, Breakthrough, and Structure,” the curriculum covers stabilising cash flow and enhancing financial flexibility, repositioning businesses and improving client quality, reshaping product value and expanding profit margins, as well as systematising operations and attracting investors. The programme commits to helping participants improve cash flow, increase business value, and strengthen their business models within 90 days.

Four Practical Tools for Immediate Application

Participants will acquire four core tools: the “Cash Flow Vortex System” for rapid assessment of financial status and establishing safety buffers; the “A.T.C. Client Leverage Ladder” for repositioning and enhancing client value; the “High-Value Breakthrough Method” for creating products with greater value and trust; and the “Marketing Triangle Matrix” for integrating human resources, client bases, and operational systems to plan business expansion. The programme adopts a six-step progressive model—from restructuring business models, improving profit margins, attracting capital injection, building high-performance teams, and systematising operations, to ultimately helping business owners reclaim their time and freedom.

Instructor Credentials

Programme instructor Rick Tam is a graduate of the University of Hong Kong’s Business School and currently serves as CEO of two family offices and chief consultant to several others. He holds the CFPCM Certified Financial Planner designation. Tam has founded more than nine brands spanning wealth management, securities, and food and beverage sectors, and has guided over 1,000 participants through business expansion.

As Hong Kong’s economy seeks transformation, channelling capital precisely into the real economy through the “Business Breakthrough” approach offers more than a lifeline for SMEs—it injects vital momentum into Hong Kong’s long-term economic development.

Hashtag: #RickTam #AsiaCoach

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Changan is accelerating the advancement of sodium-ion battery technology as part of its global battery strategy. Tan Benhong, Chief Brand Officer of China Changan Automobile Group, noted that Changan will continue to roll out new sodium-ion battery–equipped vehicles across multiple brands in the near future.

“From extreme conditions to everyday driving — every pursuit of limits at Changan ultimately serves to protect each of our users’ everyday journeys.” stated Mr. Tan.

Under extreme low temperatures, sodium-ion battery systems demonstrated stable discharge capability, with validation extending beyond minus 40 degrees Celsius. To verify intrinsic safety, Changan and CATL conducted extreme abuse tests exceeding national standards, including compression, nail penetration, drilling, and full cutting under full charge, all without fire, explosion, smoke, or thermal runaway.

SDA Intelligence: Validation in Extreme Conditions

The launch also showcased SDA Intelligence, which moves beyond passive safety into proactive, AI-driven vehicle stabilization. During live extreme-cold testing in Yakeshi, vehicles from AVATR and Changan brands—including the CS Series, CHANGAN DEEPAL, and CHANGAN NEVO—were subjected to real-world scenarios under severe low-temperature conditions.

The AVATR 12 completed an ice-surface emergency lane-change following a tire blowout at 80 km/h. CHANGAN NEVO Q05 identified obstacles on low-friction ice during an Adaptive Cruise Control (ACC) challenge and achieved a controlled emergency halt. CHANGAN DEEPAL L06 demonstrated rapid posture adjustments during a high-speed circular drift challenge on snow.

User-facing safety at Changan is built on a validation-first approach supported by a robust verification system and globally advanced laboratory infrastructure, including the Western Automotive Proving Ground and the CHANGAN SDA Lab, enabling comprehensive, all-scenario validation across the full vehicle lifecycle.

Yakeshi is only the starting point. The 2026 Global Testing Season will include Southeast Asia for high-humidity durability and the European Alps for high-altitude chassis tuning. In Eurasia, Changan will conduct winter testing centered on confidence in ice and snow, with AVATR 12 as the test vehicle. In Latin America, Changan will carry out a Mexico cross-country drive from Cancun to Merida, focusing on long-distance reliability.

Hashtag: #Changan

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Set against the historic backdrop of the Sforza Castle and the commercial artery of Via Dante, AWI turns one of Milan’s most recognizable public spaces into a live demonstration of how digital technologies can intersect with culture, commerce and consumer engagement. Powered by Alibaba’s advanced technology stack, the showcase illustrates how artificial intelligence can enable immersive, interactive digital retail experiences that respond dynamically to individual preferences.

“Alibaba and the IOC share a simple belief together: technology should enable the Olympic Games to be more exciting, accessible, sustainable and connected,” said Joe Tsai, Chairman of Alibaba Group. “With the power of AI, we are moving from “Cloud Olympics” toward “Intelligent Olympics”, as AI helps us work better, make smarter decisions, and connect more meaningfully.”

“I’m delighted to be here at the Alibaba Group Showcase, celebrating nine years of our partnership which represents one of the most significant technological transformations in Olympic history. Building on innovations delivered at recent Games, Milano Cortina 2026 represents a major step forward in cloud-based, AI-enabled broadcasting and operations, setting a new benchmark for future editionsn. Together with Alibaba, we’re not only ensuring the Games remain efficient and sustainable, but also remain engaging through sports media technology to audiences, athletes and fans worldwide”, said Kirsty Coventry, President of the International Olympic Committee (IOC)”

A Personalized Journey Guided by AI

At the core of the installation is an AI-guided journey that brings virtual retail into a physical environment. Upon entry, visitors are invited to share simple preferences—such as their favorite Milano Cortina 2026 sport—with an AI agent, which uses these inputs to curate a personalized journey throughout the space. Visitors may also choose to have their photo taken to generate a real-time digital avatar, further tailoring the journey to the individual.

The AI agent then acts as a virtual stylist, interacting with visitors and offering tailored recommendations for clothing, fragrance, and makeup. As participants make selections, the experience evolves continuously, demonstrating how AI-enabled retail can move beyond static product catalogues towards adaptive, interactive experiences. Each journey culminates in a personalized AI-generated video in which the visitor’s avatar becomes the central character in a digital gala setting.

The experience is supported by Alibaba’s latest AI and cloud technologies, including its Qwen3 series of large language and vision models, Wan 2.2 image-to-video generation model, and Taobao Vision’s immersive shopping solution, and Alibaba Cloud’s global cloud infrastructure.

Architecture Inspired by Ice and Light

Spanning 40 meters, the installation consists of two architectural elements:

• The Snow Globe, a spherical pavilion that serves as an interactive space during the day and transforms into a projection surface for AI-generated visuals in the evening
• The Crystalized Skirt Building, a sculptural structure inspired by the crystalline geometry of frost and snowflakes, which houses the immersive AI-powered virtual retail experience.

Designed with sustainability in mind, the installation uses recyclable materials and leaves no permanent footprint on the historic plaza.

AWI will be open to the public from February 7–22, 2026, during the Olympic Winter Games, and March 6–15, 2026, during the Paralympic Winter Games.

Showcasing the First AI-Generated Olympic Fan Art Collection

The opening of AWI also marked the unveiling of the results of the Alibaba Cloud AIGC Championship @ Milano Cortina 2026, the first Olympic fan engagement initiative of its kind developed in partnership with the International Olympic Committee, the Olympic Museum and the Milano Cortina 2026 Organising Committee.

Using Alibaba’s Wan video generation models, fans from around the world created original video artworks inspired by four winter sports: figure skating, short track speed skating, alpine skiing, and snowboarding.

A curated selection of the top 100 works is now being displayed on the surface of the Snow Globe. This collection represents the first AI-generated artworks to be displayed by the Olympic Museum located in Lausanne, Switzerland. Ten creators will be awarded tickets to attend the Olympic Winter Games in person.

By combining Olympic inspiration with accessible AI technology, Alibaba Wonder on Ice invites fans worldwide to go beyond spectating, allowing them to step into the Games, express their “vibe,” and join the Olympic Movement in an entirely new way.

Hashtag: #Alibaba

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About Alibaba Group

Alibaba Group is a global technology company focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure, services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.

SpiceJet has expanded its international network with the launch of direct services linking Sharjah with key cities, adding fresh capacity to one of the Gulf’s busiest short-haul corridors and reinforcing Sharjah Airport’s position as a major gateway for travellers between the UAE and the subcontinent.

The new services mark SpiceJet’s return to Sharjah after a prolonged period of network consolidation, coming as demand for point-to-point travel continues to rise among expatriate workers, small businesses and leisure passengers. Airline executives said the route selection reflects sustained passenger flows and a preference for nonstop connections that reduce travel time and reliance on larger hub airports.

Sharjah Airport Authority confirmed that the additional frequencies strengthen the airport’s connectivity with South Asia, which remains among its most significant source markets for both inbound and outbound travel. Passenger traffic on these routes is underpinned by labour mobility, family visits, education links and growing trade ties, particularly in manufacturing, retail and services. Airport officials have previously indicated that traffic volumes on South Asia routes have shown steady recovery and expansion following the disruption of earlier years.

SpiceJet’s Sharjah operations are being introduced at a time when the carrier is gradually rebuilding its international footprint. The airline has focused on deploying narrow-body aircraft on high-density, short-haul sectors where cost discipline and quick turnarounds are critical. Industry analysts note that Gulf routes, especially those linking secondary airports, offer relatively stable yields due to consistent demand and limited seasonality.

The Sharjah services place SpiceJet in direct competition with established operators that already serve the corridor, including full-service and low-cost carriers. Competition on pricing and schedules is expected to intensify, benefiting passengers through wider choice and more flexible travel options. Aviation consultants say Sharjah’s appeal lies in lower operating costs compared with larger hubs, as well as its proximity to northern emirates with sizable expatriate populations.

Sharjah Airport has pursued a strategy of attracting airlines that focus on value-driven travel rather than purely premium traffic. The airport’s ongoing infrastructure upgrades, including terminal enhancements and airside capacity improvements, have been designed to handle rising passenger volumes while maintaining quick processing times. Officials have highlighted that improved facilities support airlines seeking efficient operations without the congestion associated with mega hubs.

For SpiceJet, the move also aligns with broader efforts to stabilise operations and restore market confidence. The airline has worked to address fleet availability and financial pressures, while selectively adding routes that promise strong load factors. Aviation sector observers say disciplined network growth is essential for carriers operating in a competitive low-cost environment, particularly as fuel prices, leasing costs and currency movements continue to influence margins.

Travel industry executives point out that Sharjah’s catchment area extends well beyond the emirate itself, drawing passengers from neighbouring regions who prefer a less crowded airport experience. This has helped Sharjah maintain its relevance despite intense competition from Dubai and Abu Dhabi. The addition of SpiceJet flights is expected to further diversify the airport’s airline mix and strengthen its role as a regional connector.

The launch also reflects a wider trend of carriers re-evaluating secondary Gulf airports as viable alternatives for international expansion. With bilateral air service agreements allowing incremental capacity growth, airlines are increasingly targeting routes that balance volume with operational efficiency. Analysts say this approach is particularly attractive for carriers seeking to rebuild international revenues without overextending resources.