KUALA LUMPUR, CIMB Group Holdings Bhd Malaysia’s second-largest bank by assets, has inked a memorandum of understanding (MoU) with PingPong Global Holding Ltd to expand cross-border payment solutions in the region.
Under the partnership, CIMB’s banking infrastructure will be integrated with PingPong’s global network to provide faster, more secure and cost-effective transactions. Malaysia will be the launch market, followed by phased rollouts in Indonesia, Singapore, Thailand and Cambodia, according to CIMB’s statement. The collaboration makes CIMB the first ASEAN bank to form a two-way partnership with the international payments provider.
(From left) CIMB co-CEO of group commercial and transaction banking Lawrence Loh, CIMB group CEO Novan Amirudin, PingPong Global Holding founder and CEO Robert Chen, and PingPong Global Holding Apac CEO and group partner Jianqin Shu.
Lawrence Loh, co-CEO of group commercial and transaction banking at CIMB, said the initiative strengthens the bank’s position as the first regional player to embed global local collect solutions and merchant financing into its offerings.
“Cross-border transactions are becoming increasingly important in the digital economy. This partnership will enable SMEs and enterprises to operate globally with greater ease, speed and assurance. In line with our Forward30 strategy, these capabilities reaffirm our commitment to supporting regional trade and business growth,” he said.
Founded in 2015, PingPong is a leading cross-border payments provider, allowing SMEs and enterprises to open virtual accounts in over 20 currencies and make payouts to more than 130 countries. Its multi-currency wallets let businesses securely receive, hold, convert and transfer funds worldwide.
Through this tie-up, CIMB will leverage PingPong’s platform to enable payments in more than 20 local currencies via virtual accounts, reducing costly cross-border fees. Clients can also hold funds in CIMB’s multi-currency accounts, seamlessly exchange currencies, and transact globally with buyers, suppliers, employees and partners.
The collaboration will also see CIMB roll out merchant financing solutions tailored for PingPong’s SME and corporate clients, along with white-label SME card solutions and merchant acquiring services to support broader acceptance of cards and alternative payment methods across ASEAN. On Monday, CIMB shares gained eight sen, or 1.11%, to close at RM7.31, giving the bank a market capitalisation of RM78.7 billion.
