Cross-border paytech PingPong Payments nabs UK EMI licence
US-based cross-border payments firm PingPong Payments has secured an Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
The move follows regulatory approvals for the company from countries including the US, Luxembourg, Mainland China, Hong Kong, Japan, Australia, and India.
With the licence in hand, PingPong Payments will be able to offer its services to customers across the UK and Europe, including cross-border payments, VAT tax payments, accounts payable and accounts receivable management solutions, virtual receiving/collection accounts, and virtual credit cards.
“The UK is the sixth-largest economy in the world according to the IMF and holds significant importance as a key financial hub,” says Kenny Tsang, managing director of PingPong.
Established in 2015, PingPong Payments provides a payments network covering more than 200 countries through its bank and fintech partnerships. It claims to serve over one million customers across the world, and has processed more than $100 billion in cross-border payments since its inception.