CIMB Group Holdings Berhad has inked a landmark partnership with PingPong Global Holding Limited, becoming the first ASEAN bank to establish a two-way collaboration with the global payments company.
The Memorandum of Understanding (MoU), signed in Kuala Lumpur, will see CIMB integrate its banking infrastructure with PingPong’s global network to deliver faster, more secure, and cost-efficient cross-border payment services for businesses in the region.
The partnership will begin in Malaysia as the launchpad before rolling out to other key ASEAN markets, including Indonesia, Singapore, Thailand and Cambodia. The initiative aims to empower enterprises and small and medium enterprises (SMEs) with instant cross-border payments, multi-currency accounts, financing options and card solutions to facilitate international growth.
“Seamless cross-border transactions are integral for businesses to thrive in today’s digital and connected economy,” said Lawrence Loh, Co-CEO of CIMB Group Commercial and Transaction Banking. “By embedding PingPong’s global local collect solutions and merchant financing into CIMB’s ecosystem, we are enabling businesses to transact globally with greater ease, speed and confidence. This aligns with our Forward30 strategy to drive regional business growth, trade and commerce.”
PingPong, founded in 2015, provides embedded cross-border payment solutions for enterprises and SMEs, supporting payouts in over 130 countries and enabling virtual accounts in more than 20 currencies.
“As the global payments company that’s accelerating the future of digital commerce, we are thrilled to partner with one of ASEAN’s banking leaders to make cross-border B2B payments as simple as local transactions,” said Jianqin Shu, PingPong’s APAC CEO and Group Partner. “This collaboration removes costly fees, provides seamless multi-currency conversion, and offers tailored financing and card solutions — making global commerce truly accessible for businesses.”
Under the agreement, CIMB’s payment infrastructure will leverage PingPong’s platform to enable businesses to:
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Receive payments in over 20 local currencies through virtual accounts.
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Hold and convert funds via CIMB’s multi-currency accounts.
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Access customised merchant financing and SME card solutions.
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Benefit from CIMB’s merchant acquiring services for card and alternative payment acceptance across ASEAN.
The partnership combines CIMB’s regional banking expertise with PingPong’s proven global network, positioning both organisations to accelerate digital commerce and strengthen financial connectivity across ASEAN.