CIMB Group Holdings Berhad has entered into a strategic partnership with PingPong Global Holding Limited, becoming the first ASEAN bank to establish a two-way collaboration with the global payments company.
The agreement is set to deliver seamless cross-border payment solutions, multi-currency services, and tailored merchant financing across the region.
The collaboration will be launched in Malaysia before expanding into other ASEAN markets, including Indonesia, Singapore, Thailand and Cambodia. Businesses will benefit from faster and more secure international payments, integrated financial solutions, and support to optimise operations and capture growth opportunities in global markets.
This initiative will particularly support small and medium enterprises (SMEs) in ASEAN by giving them access to modern cross-border tools that simplify international trade and reduce the costs traditionally associated with global transactions.
Partnership Signing
The Memorandum of Understanding (MoU) was signed with representatives from both organisations. CIMB was represented by the Group Chief Executive Officer, Novan Amirudin and Co-CEO of Group Commercial and Transaction Banking, Lawrence Loh. Meanwhile, PingPong was represented by Founder and Chief Executive Officer, Robert Chen and APAC CEO and Group Partner, Jianqin Shu.
The CIMB–PingPong collaboration introduces new capabilities to support regional businesses, including:
- Multi-Currency Virtual Accounts: Businesses can receive payments in more than 20 local currencies, reducing reliance on expensive cross-border transfers.
- Seamless Currency Conversion: Funds can be held in CIMB’s multi-currency accounts and converted efficiently for payments worldwide.
- Customised Merchant Financing: CIMB will offer financing solutions designed for PingPong’s SME and corporate merchant customers, providing access to working capital and growth support.
- White-Label SME Card Solutions: Tailored CIMB-powered cards will help merchants manage expenses and transactions more effectively.
- Merchant Acquiring Services: Businesses will gain the ability to accept card payments and alternative methods across ASEAN markets.
Supporting ASEAN Businesses in Global Commerce
PingPong, founded in 2015, is a global leader in embedded cross-border payment solutions. The company enables businesses to open virtual accounts in more than 20 currencies and supports payouts in over 130 countries. Its multi-currency wallets allow companies to securely receive, hold, and convert funds while making payments to suppliers, employees, and partners worldwide.
By combining PingPong’s global expertise with CIMB’s strong regional presence, the partnership offers ASEAN businesses the tools they need to expand internationally. Faster settlements, reduced transaction costs, and improved access to financial services will help level the playing field for SMEs looking to participate in global trade.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
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