CIMB Group Holdings Bhd, Malaysia’s second-largest bank, has signed an agreement (MOU) with PingPong Global Holding Ltd to offer cross-border payment solutions.
The collaboration will integrate CIMB’s banking infrastructure with PingPong’s international network to deliver faster, more secure and cost-efficient services. Malaysia will serve as the launchpad, with phased rollouts planned for Indonesia, Singapore, Thailand and Cambodia, CIMB said in a statement.
This partnership makes CIMB the first bank in ASEAN to have a two-way collaboration with the global payments company.
Lawrence Loh, co-CEO of Group Commercial and Transaction Banking at CIMB, said that cross-border transactions are becoming increasingly important in today’s digital economy.
He added that the partnership with PingPong makes CIMB the first regional bank to integrate global local collection solutions and merchant financing into its services.
“This will empower enterprises, SMEs to transact globally with greater ease, speed and confidence. Aligned with our Forward30 strategy, these capabilities reinforce our role as a trusted partner in driving regional business growth, trade and commerce,” he added.
Founded in 2015, PingPong is a top provider of embedded cross-border payment solutions. It helps businesses and small-to-medium enterprises (SMEs) open virtual accounts in over 20 currencies and make payments to 130 countries.
PingPong’s multi-currency wallets let businesses safely receive, hold, and convert money, as well as pay suppliers, employees, and partners around the world.
Through this partnership, CIMB will use PingPong’s platform to accept payments in over 20 local currencies via virtual accounts, cutting down expensive cross-border fees.
Businesses can keep money in CIMB’s multi-currency accounts, convert currencies easily, and send or receive payments globally with buyers, suppliers, employees, and partners.
The partnership also includes a CIMB-backed merchant financing solution for PingPong’s SMEs and corporate clients, providing tailored financial support to help businesses grow and operate more efficiently.
CIMB will also offer white-label SME card solutions for PingPong’s customers, giving them more flexibility in payments and better transaction management.
PingPong’s merchants will benefit from CIMB’s merchant acquiring services, allowing them to accept cards and other payment methods across ASEAN.
Read more- Amber Premium Launches Institutional Digital Asset Management Services in DAT Sector
