PingPong Payments, a US-based cross-border payments firm, has obtained an Electronic Money Institution (EMI) license from the UK Financial Conduct Authority (FCA), allowing it to expand its services in the UK and Europe.
Facts
- PingPong Payments has received an EMI license from the UK’s Financial Conduct Authority.
- It has already received regulatory approvals in several other countries, including the US, Luxembourg, China, Hong Kong, Japan, Australia, and India.
- PingPong Payments will offer cross-border payments, VAT tax payments, accounts payable and accounts receivable management solutions, virtual receiving/collection accounts, and virtual credit cards.
- The UK’s importance as a financial hub makes it a significant market for PingPong Payments, says the managing director of the company.
- The payments network of PingPong Payments covers more than 200 countries through its bank and fintech partnerships.
- The company claims to have served over one million customers worldwide and processed more than $100 billion in cross-border payments since its founding in 2015.
