Singapore, June 5, 2023 – PingPong Payments, an innovative global payment platform, reaches another milestone with its recent in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI). This exciting news paves the way for PingPong Payments to offer an array of payment services in Singapore. From account issuance and local and cross-border remittances to merchant acquiring, PingPong Payments is set to revolutionize the way e-commerce merchants and small & medium-sized enterprises (SMEs) conduct business globally.
This MAS approval is yet another feather in PingPong's cap this year. Adding to its growing collection, which includes the Australian Financial Services License (AFSL) and the UK Electronic Money Institution (EMI) license, this new achievement showcases the company's impressive global regulatory network. With licenses covering markets accounting for nearly 90% of global GDP, PingPong Payments stands as one of the most licensed cross-border payment companies worldwide. Its robust "payment foundation" plays a pivotal role in supporting the growth of SMEs, tech companies, and large brands on a global scale.
In recent years, Southeast Asia has emerged as a hub for digital economy development, digital trade, and cross-border e-commerce, following in the footsteps of Europe and the Americas.
As a cross-border payment platform dedicated to serving digital trade worldwide, PingPong Payments has proactively established a significant presence in Southeast Asia. With local branches and service teams strategically positioned in Singapore, Jakarta, Ho Chi Minh City, Hanoi, Bangalore, Jaipur, and more, PingPong Payments has made its mark. The company has also launched an innovative local service plan tailored specifically for Southeast Asia. This groundbreaking plan offers seamless payment solutions for users exporting to Southeast Asia as well as local merchants. As a testament to its commitment, PingPong Payments has joined forces with local logistics warehouses, ERP providers, and brand marketing ecosystems, providing an all-encompassing cross-border solution for corporate customers seeking to tap into the Southeast Asian market.
"Serving as a vital force in our Southeast Asia and global market strategies, Singapore holds a paramount position," exclaimed Aaron Xu, the Deputy Global President and Partner, and the Head of the Global Institutions Business Group at PingPong. "Receiving in-principle approval from MAS signifies that PingPong's product technology, risk management, and business models have received a resounding stamp of approval from local regulatory authorities.
Moving forward, we are steadfast in our commitment to expedite the rollout of local service plans in Singapore, empowering SMEs, tech companies, large brands, and other clients to flourish in new markets," concluded Xu.
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About PingPong Payments:
PingPong Payments is a leading global payment platform dedicated to transforming the way businesses conduct cross-border transactions. With a comprehensive suite of innovative payment solutions, PingPong Payments empowers SMEs, tech companies, and large brands to thrive in the global marketplace. Headquartered in New York City, PingPong Payments operates a global network, providing secure, efficient, and cost-effective payment services to clients worldwide.