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
PETALING JAYA: CIMB Group Holdings Bhd
has tied up with PingPong Global Holding Ltd, becoming the first Asean bank to enter a two-way partnership with the global payments company which is accelerating the future of digital commerce.
In a statement, CIMB said the agreement marked the start of a strategic partnership in which PingPong would be the bank’s partner in the Asean region for cross-border payment solutions, integrating its banking infrastructure with PingPong’s global network to deliver faster, more secure and efficient payment services for businesses.
“The collaboration will start with Malaysia serving as the launchpad for the joint initiative between both parties, followed by phased rollouts into key markets such as Indonesia, Singapore, Thailand and Cambodia.
“Businesses across the Asean region will benefit from seamless instant cross-border payment solutions, integrated financial services and expert support, empowering them to expand efficiently, optimise their operations, and capture new growth opportunities in international markets.”
Through this collaboration, CIMB said its payment infrastructure will leverage PingPong’s platform to receive payments in over 20 local currencies through virtual local accounts, eliminating costly cross-border fees.
“Businesses will be able to hold funds in CIMB’s multi-currency accounts, convert currency seamlessly, and make or receive payments to and from buyers, suppliers, employees and partners globally.
“The partnership also integrates a CIMB-powered merchant financing solution designed for PingPong’s small and medium enterprises (SMEs) and corporate merchant base, offering customised financial support to drive business growth and operational efficiency.”
Additionally, CIMB will provide white-label SME card solutions for PingPong’s customers, enhancing their payment flexibility and transaction management.
