Fintech unicorn PingPong has received authorisation as an Electronic Money Institution (EMI) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. With that, it would become 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 licence will enable PingPong to offer a more flexible array of services and increase the scope of customers in the future. The fintech has already helped over 800,000 sellers across the globe spanning 14 different markets. It will also aid the firm’s international expansion, which officially became a unicorn in March this year with a valuation of $1.5 billion. With this licence, 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, said in a statement, “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 ecommerce 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.”
Innovation is enabling fintechs to deliver efficient payment services to consumers at a much lower cost, with the EMI license filling the gap between conventional banks and consumers by creating digital products, services and channels for fulfilling a vast range of customer payment needs.