CIMB has teamed up with PingPong to enable faster, cheaper and simpler cross-border payments for businesses in the region.
The collaboration begins in Malaysia and will gradually expand to Indonesia, Singapore, Thailand and Cambodia, giving companies access to streamlined international transactions and financing options within CIMB’s platforms.
Under the agreement, CIMB will use PingPong’s platform to receive payments in more than 20 local currencies through virtual accounts, helping businesses cut cross-border fees and improve cash flow.
Companies will be able to hold funds in CIMB’s multi-currency accounts, convert currencies and make or receive payments to and from partners around the world.
The partnership will also introduce merchant financing solutions and white-label SME card products through CIMB for PingPong’s customers.
This will allow merchants to access credit, supported by CIMB-powered merchant acquiring services, and accept card payments and alternative payment methods across ASEAN while enhancing transaction management.
PingPong, founded in 2015, provides embedded cross-border payment solutions to businesses in over 130 countries.
Its technology allows companies to open virtual accounts, manage multi-currency wallets and streamline payments globally.
Lawrence Loh said,
“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, APAC CEO and Group Partner at PingPong, said
“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.”
Featured image: (From left) Lawrence Loh, Co-Chief Executive Officer, Group Commercial and Transaction Banking, CIMB Group, Novan Amirudin, Group Chief Executive Officer, CIMB Group, along with Robert Chen, Founder and Chief Executive Officer, PingPong and Jianqin Shu, APAC CEO and Group Partner, PingPong.
