PingPong is proud to announce its authorization as an Electronic Money Institution (EMI) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. This makes us the first Luxembourg-based B2B fintech, with offices in Hangzhou, New York, San Francisco, Japan and Hong Kong to achieve this feat in the EU after applying in December 2019.
Luxembourg is a world-renowned fintech hub and pioneer on the global stage. Acquiring this license will strengthen our existing services that already support customers on different marketplaces such as Amazon, eBay and Walmart and grant us the flexibility to broaden our business model beyond eCommerce platforms. It is a testament to our global growth and complements 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.
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 percent (in volume) worldwide by 2025. This has allowed agile fintechs like us 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. The EMI license fills the gap between conventional banks and consumers by creating digital products, services, and channels to fulfill a vast range of customer payment needs.
Now with the tailwinds of the pandemic, e-commerce is becoming a dominant force in the retail landscape and a catalyst for globalization.
This EMI license allows us to diversify our offerings and support customers in ways banking systems were not built to, whilst consolidating our world-class capabilities in cross-border payments and prime our position as the eCommerce bank of the future.