BEIJING, June 7 (Xinhua) -- Global payment platform PingPong has been approved in-principle by the Monetary Authority of Singapore (MAS) as a Major Payment Institution (MPI), which paves for PingPong the way of a series of payment services in Singapore, including account opening, cross-border remittance, currency exchange, merchant acquiring and e-money issuance, digital payment, etc., reported Xinhua-run Shanghai Securities News.
It is learned that it marks another move of PingPong of obtaining a payment license in the first half of this year after the Australian Financial Services License (AFSL) and the UK Electronic Money Institution (EMI) license. The company's global compliance network has accelerated its expansion and PingPong has become one of the most licensed cross-border payment companies in the world, with direct licenses in markets accounting for nearly 90 percent of global GDP.
In October 2022, China and Singapore signed a memorandum of understanding on e-commerce cooperation, further expanding cooperation between the two countries in the digital economy, especially in the field of e-commerce.
"Serving as a vital force in our Southeast Asia and global market strategies, Singapore holds a paramount position," exclaimed Aaron Xu, the Deputy Global President and Partner, and the Head of the Global Institutions Business Group at PingPong, adding that in the future, the company will continue to accelerate the implementation of local service solutions in Singapore to help customers such as small and medium-sized enterprises, technology companies, and large brands to flourish in new markets.
(Edited by Bao Nuomin with Xinhua Silk Road, firstname.lastname@example.org)