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 Hangzhou, New York, San Francisco, Japan 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. 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.
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.”
