PingPong recently confirmed its authorization by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as an Electronic Money Institution (EMI).
FREMONT, CA: PingPong recently confirmed its authorization by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as an Electronic Money Institution (EMI). It will make it the first Luxembourg-based B2B fintech firm with offices in Hangzhou, New York, San Francisco, Japan, and Hong Kong to accomplish this feat in the EU following its application in December 2019.
The license allows PingPong to provide a more versatile range of services and, in the future, to expand the range of clients. PingPong has now supported about 800,000 sellers worldwide across 14 different markets. It will help the company's international growth, which officially became a unicorn with a value of USD 1.5B in March this year. The business will be able to offer a secure electronic wallet and access to a variety of new services with the license.
With the EMI license filling the gap between traditional banks and customers by developing digital goods, services, and platforms to meet a wide variety of customer payment needs, innovation helps fintechs to offer effective payment services to consumers at a much lower cost.
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 marketplaces 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 payments and e-money hubs in the EU and Im 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."
