PingPong, a provider of cross-border embedded payment solutions for enterprises, is granted a Money Services Business Licence from Malaysia’s central bank, Bank Negara Malaysia.
This latest licence further enhances PingPong’s extensive portfolio of over 60 global licences, unlocking even more cross-border opportunities for enterprises on PingPong’s platform.
Malaysia offers significant growth opportunities for enterprises looking to scale in Southeast Asia. Its GDP is expected to reach $445billion by the end of 2025 and grow by 33 per cent by 2030, reaching $600billion. International trade is also a significant part of Malaysia’s wealth, valued at 132 per cent of GDP in 2023.
Financial services and fintech companies are thriving across Southeast Asia, with Malaysia emerging as a key player. Malaysia ranks third in the region for the number of fintech companies and is set to grow significantly. Projections show Malaysia’s fintech sector will double from $54billion in 2025 to $111billion by 2030, reflecting a robust 16 per cent compound annual growth rate (CAGR). Its strategic location, high digital adoption rate, and robust financial sector have made it one of the key growing countries in Southeast Asia.
‘Incredible opportunity’
Jianqin Shu, partner and APAC engeral manager at PingPong, said, “As one of the most strategically positioned and rapidly growing economies in Southeast Asia, Malaysia presents an incredible opportunity for enterprises scaling their global operations.
“Securing a Money Services Business licence positions PingPong at the heart of this growth, empowering us to support Malaysia’s expanding fintech and financial services ecosystem, meeting the rising demand for efficient, compliant cross-border payment solutions. This milestone enables us to extend our global reach further and provide enterprises with end-to-end, one-stop payment services.”
This approval from Bank Negara Malaysia also adds to PingPong’s significant portfolio of over 60 global licences across the United States, EU, UK, Hong Kong, mainland China, Canada, Australia, Japan, Singapore as well as Indonesia.
