PingPong Payments (“PingPong”), a global leader in cross-border payments and financial solutions, has recently received an Electronic Money Institution (EMI) license from the United Kingdom’s Financial Conduct Authority (FCA).
This significant milestone allows PingPong to expand its reach and enhance its services in both the United Kingdom and the broader European market.
The EMI license enables PingPong to offer a comprehensive range of financial services to customers and partners across the UK and Europe, including cross-border payments, VAT tax payment services, accounts payable & accounts receivable management solutions, virtual receiving/collection accounts, and virtual credit cards. By leveraging its cutting-edge technology and deep understanding of the global financial landscape, PingPong streamlines international payments, delivering enhanced value to its customers.
Besides obtaining a UK license recently, PingPong has also received regulatory approvals from many major markets such as the US, Luxembourg, Mainland China, Hong Kong, Japan, Australia, and India. Its network covers over 200 countries, which account for more than 95% of the world’s GDP, through its licenses and partnerships with banks and fintech firms.
Established in New York in 2015, PingPong has experienced rapid growth in the global fintech space, empowering eCommerce merchants and platforms, cross-border trade participants, service and software providers, and gig economy workers as a worldwide solution for international growth.
PingPong’s dedication to security, customer service, and innovation has enabled the company to process over $100 billion in cross-border payments since its inception, serving more than 1 million customers around the globe. Notably, CB Insights recognized PingPong as one of the world’s Top 250 Fintech startups in 2020, while FXC Intelligence named it among the Top 100 Cross Border Payment Companies in the World in 2023.
A recent report published by The Fintech Times revealed that UK SMEs were charged £3.6 billion in often hidden FX fees by banks for international transactions of goods and services in 2022. PingPong is uniquely positioned to empower its UK customers by removing barriers and friction associated with cross-border trade and payments.
Richard Adams, CEO of MovingIT Ltd., shared his enthusiasm for PingPong’s formal entry into the UK market:
“We have been using PingPong Payments for our cross-border transactions, and their services have been nothing short of exceptional. Their competitive rates, user-friendly platform, and unparalleled customer support have made a significant impact on our business operations. As we continue to expand our global reach, we rely on PingPong to streamline our financial transactions and ensure seamless communication with our international partners.”
“We are thrilled to have been granted the EMI license by the FCA, which is a testament to our commitment to delivering innovative financial solutions that meet the needs of our customers,” said PingPong Managing Director Kenny Tsang. “The UK is the sixth-largest economy in the world according to the IMF and holds significant importance as a key financial hub. Our entry into this market underscores our commitment to providing innovative payment solutions to customers worldwide.”