Cross-border commerce is entering its fastest, most chaotic growth phase in history. The world’s smallest sellers now have global reach, but they are trying to scale on top of payment infrastructure that was never designed for them.

In this episode of ATP recorded at SFF 2025, Nicholas Liao, the Founder and CEO of Whalet explains that today’s MSME sellers are not just exporting products, they are building global brands across DTC sites, marketplaces, and social platforms. But while demand is global, payment systems remain deeply local.

Some of the topics that Nicholas covered in detail included:

• MSMEs are not just exporting anymore; they are going global as brands and Whalet is helping facilitate this.
• Cross-border eCommerce is exploding, but the payment rails are still missing.
• One of the most powerful threads in the conversation: payment localization is not a “nice to have.” It’s existential.
• APAC is home to a staggering 71 million MSMEs, but persistent barriers keep them from selling cross-border.
• The Belt and Road is no longer just railways and ports. It’s increasingly about digital trade corridors.