FinTech unicorn PingPong has been granted a licence to operate as an electronic money institution by the Commission de Surveillance du Secteur Financier in Luxembourg.
The authorisation will empower PingPong to offer a more flexible array of services and increase the scope of customers in the future and aid its international expansion plans.
PingPong officially became a unicorn in March 2020, having achieved a valuation of $1.5bn.
“We are extremely proud to announce obtaining an EMI license in Luxembourg, a world-renowned fintech hub and pioneer within the EU market,” said Ning Wang, co-founder and chief business officer at PingPong.
“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 e-commerce 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.
Now with the wind force of the pandemic, e-commerce is becoming a dominant force in the retail landscape and a catalyst for globalisation. This EMI license will allow us to diversify our offerings to support customers in a way the banking system was not built to, consolidating our world-class capability in cross border payments whilst priming our position as the e-commerce bank of the future.”