PingPong to Launch in Singapore, Strengthening Regional Coverage and Providing Innovative Payment Solutions to Southeast Asia customers


PingPong (“the Company”), a global payment solutions provider, debuts at Singapore FinTech Festival (SFF) 2022 (2-4 Nov 2022) to present its latest one-stop payment services and comprehensive cross-border solutions for online merchants, financial institutions, technology platforms, and enterprises. During the event, the company also announces that it is applying for a Major Payment License in Singapore and plans to launch in Singapore upon receiving approval from the regulator.

A pioneer in providing end-to-end payment solutions for global cross-border businesses, PingPong offers global e-commerce sellers the ability to manage multiple currencies in a single, secure platform across the U.S., Europe, and Asia. Since it was established in 2015, the company has been growing rapidly, and as of today, more than one million merchants utilize its technologies for cross-border, value-added tax, and supplier payments. The company’s TPV had reached more than USD 90 billion by the end of September 2022.

PingPong is strengthening its coverage in Southeast Asia at a time when buying and selling habits in the region have changed profoundly following the unprecedented challenges of the global pandemic. In 2022, Southeast Asia’s digital economy is expected to grow by 20%, approaching $200 Billion GMV. PingPong is well-positioned to capture the growth of cross-border e-commerce in Southeast Asia with its extensive experience in working with both upstream and downstream participants in the e-commerce payment ecosystem and providing high-quality cross-border financial services for enterprises of all sizes in the region.

Cyrus Tong, Regional Chief Compliance Officer, said, “At PingPong, we have helped hundreds of thousands of customers expand their business globally. Our on-boarded and supported platforms include globally important e-commerce enablers such as Amazon and Shopify.”

“We understand the anxiety of our customers when they venture into new markets, especially a region as diverse as Southeast Asia, which consists of 11 countries, 7 major languages and multiple local currencies. But it is also one of the most exciting markets for e-commerce right now because the majority of the population is young and digital-savvy. Our team provides a comprehensive suite of solutions that allow global payments at a lower cost and higher speed, and most importantly, helps our customers navigate cross-border compliance and regulatory complexity, which are some of the key concerns they have when establishing their e-commerce businesses beyond the borders.”

At Singapore Fintech Festival 2022, which is themed “Building Resilient Business Models amid Volatility and Change”, PingPong presents its one-stop payment services designed for small-to-medium businesses. It supports onshore/offshore payments in 16 major currencies and allows merchants and suppliers to manage international transactions and track the payments in real time.

Another highlight is a one-stop treasury and payment solution. An ecosystem that supports 266 local payment methods in more than 50 currencies, this solution connects hundreds of thousands of merchants and trillion-dollar GMV e-commerce and digital economy platforms. It enables platforms and financial institutions to tap into the enormous potential of a rapidly growing e-commerce industry. Business opportunities in over 200 countries with a 5 billion reach could be unlocked at the click of a button.


PingPong Payments launches new PLN and SEK currency exchange services

Global payments and e-commerce services provider PingPong Payments, today announces expanded payments processing and currency exchange services for both the Polish (PLN) and Swedish (SEK) currencies, allowing access to these growing markets for U.S. and international products and services sellers.

Both PLN and SEK are the latest currencies to be added to PingPong Payments’ global payments solutions, which now offers merchants and online sellers, over Amazon and other platforms, the most currency conversion service options and widest international market access for payments transactions. PingPong Payments is currently the only Amazon Payment Service Provider that offers the Polish currency.

Sweden and Poland are two of Europe’s fastest-growing e-commerce markets. Poland has seen unprecedented growth in online sales due to Covid-19, with nearly 80 percent of internet users in Poland making online purchases. Leading Polish e-commerce platform Allegro reports that 20m clients visit its website every month. Similarly, in Sweden, revenue in the e-commerce market amounted to US$11,211m in 2020 and is expected to grow by 5.2% annually, resulting in a market volume of US$13,729m by 2024.

Kenny Tsang, Managing Director at PingPong Payments, comments: During a year that saw many traditional businesses disrupted by Covid-19, PingPong has been able to successfully support a surging e-commerce market and achieve global growth. Our ability to now offer both Polish and Swedish currency exchange services will provide U.S. and international merchants with access to two of the fastest-growing, richest e-commerce markets in Europe.”

With the addition of PLN and SEK currency conversion services, PingPong Payments now offers marketplace sellers in the U.S. and other geographies support with: the U.S dollar (USD), Canadian dollar (CAD), Australian dollar (AUD), Japanese yen (JPY), Arab Emirates dollar (AED), Euro (EUR), British pound (GBP), Chinese yuan (CNH), Hong Kong dollar (HKD) and Singapore dollar (SGD).

In addition to cross-border payments processing and currency exchange services, PingPong Payments supports U.S. and international seller growth in overseas markets via additional services including lending, payroll and virtual account solutions. This includes tax and customs registration, supplier validation and payment, market intelligence, and marketing and sales support services.

Kenny continues: “Our innovative payment services have enabled us to become the chosen multidimensional partner of growth to hundreds of thousands of professional sellers, who wish to expand sales internationally. We support our merchants in a way the banking system was not built to, by beating traditional rates and reducing cross-border payment friction through our unique virtual accounts, which mitigate anti money laundering challenges.”

Kenny concludes: “Merchants should be strengthening their supply chains for year-round international sales instead of waiting for peak seasons. By partnering with the right network of cross-border payment services, e-commerce merchants can instantly collect, convert and transfer money from all corners of the world, and set their sights on global domination post pandemic. We save cross-border merchants both time and money through innovative services such as VAT processing and opening local bank accounts – allowing them to keep more of their hard-earned profits.”   


FinTech Unicorn PingPong secures innovative E-Money License in Luxembourg


Today, PingPong announces its authorisation as an Electronic Money Institution (EMI) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. This would make it the first Luxembourg based B2B fintech, with offices in HangzhouNew YorkSan FranciscoJapan and Hong Kong to achieve this feat in the EU after applying in December 2019.

The license enables PingPong to offer a more flexible array of services and increase the scope of customers in the future. PingPong has already helped over 800,000 sellers across the globe spanning 14 different markets. It will aid the firm’s international expansion, which officially became a unicorn in March this year with a valuation of 1.5B USD. With this license, the company will be able to provide a secure electronic wallet and access to a host of new services.

While banks were slow to digitally adapt, mobile cross-border payment services have exploded in popularity over the past few years. Europe currently leads the instant payments evolution, and is predicted to see an unprecedented growth of over 500 per cent in world-wide volume by 2025. This has allowed agile fintechs such as PingPong to capitalize on the global e-commerce boom that could see a record-breaking $3.914 trillion in sales this year.

Innovation is enabling fintechs to deliver efficient payment services to consumers at a much lower cost, with the EMI license filling the gap between conventional banks and consumers by creating digital products, services and channels for fulfilling a vast range of customer payment needs.

Ning Wang, Co-Founder and Chief Business Officer at PingPong, comments: “We are extremely proud to announce obtaining an EMI license in Luxembourg, a world-renowned fintech hub and pioneer within the EU market. This will strengthen our existing services which can support customers on different market places such as Amazon, eBay and Walmart and grant us the flexibility to broaden our business model to beyond e-commerce platforms. It is a testament to our global growth and compliments the numerous licenses we hold around the world, laying the foundation for many more e-wallets to come. PingPong is truly going global, with compliance and security placed at the heart of everything we do.”

Ning Wang continues: “Now with the wind force of the pandemic, e-commerce is becoming a dominant force in the retail landscape and a catalyst for globalization. This EMI license will allow us to diversify our offerings to support customers in a way the banking system was not built to, consolidating our world-class capability in cross border payments whilst priming our position as the e-commerce bank of the future.”

Pierre Gramegna, Minister of Finance, Luxembourg concludes: “Today, Luxembourg is one of the leading payment and e-money hubs in the EU and I’m happy to see that it continues to grow. In this sense, I welcome that PingPong has just upgraded its Luxembourg presence with a new e-money license that will help it better serve its European customers.”