CIMB Group Holdings Berhad has announced a partnership with PingPong Global Holding Limited to provide integrated cross-border payment solutions across ASEAN. This marks the first time an ASEAN bank has entered a two-way partnership with PingPong, which specializes in global payments for digital commerce.
The collaboration will begin in Malaysia and expand to Indonesia, Singapore, Thailand, and Cambodia in phases. The initiative aims to offer businesses instant cross-border payments, integrated financial services, and support to help them operate more efficiently and access international markets.
At the signing of the Memorandum of Understanding (MoU), representatives from both companies were present. CIMB was represented by Novan Amirudin, Group Chief Executive Officer, and Lawrence Loh, Co-CEO of Group Commercial and Transaction Banking. PingPong was represented by Robert Chen, Founder and Chief Executive Officer, and Jianqin Shu, APAC CEO and Group Partner.
Lawrence Loh stated: “Seamless cross border transactions are integral for businesses to thrive in today’s digital and connected economy. CIMB is proud to be the first bank in the region to enter a two-way partnership with PingPong, a leader in cross-border B2B payments, embedding global local collect solutions, and merchant financing directly into CIMB’s ecosystem. This will empower enterprises, small and medium 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.”
Jianqin Shu added: “As the global payments company that’s accelerating the future of digital commerce, we are thrilled to partner with one of ASEAN’s banking leaders to make cross-border B2B payments as simple as local transactions.”
He continued: “This partnership creates a powerful combination, with CIMB gaining access to our proven global payout and collections network, removing costly cross-border fees. We can now offer businesses multi-currency virtual accounts with seamless conversion, plus tailored merchant financing and card solutions. Together, we are not just strengthening our presence across the ASEAN region, we are making global commerce truly accessible for businesses.”
Through this agreement, CIMB will use PingPong’s platform so that its customers can receive payments in over 20 local currencies through virtual accounts without incurring high cross-border charges. Businesses can hold funds in multi-currency accounts at CIMB while converting currency easily or making international payments.
Additionally, merchant financing backed by CIMB will be available for PingPong’s SME clients along with white-label SME card products designed for flexibility in managing transactions. Merchants using PingPong will also have access to acquiring services from CIMB enabling acceptance of cards as well as alternative payment methods throughout ASEAN.
PingPong was established in 2015 as a provider of embedded cross-border payment solutions allowing companies worldwide—including SMEs—to open virtual accounts supporting multiple currencies for secure receipt or holding of funds while facilitating easy payouts internationally.
