CIMB Group Holdings Berhad has announced a strategic partnership with PingPong Global Holding Limited, marking the first two-way collaboration between an ASEAN bank and the global payments leader. This partnership, formalised through a Memorandum of Understanding, aims to integrate CIMB’s banking infrastructure with PingPong’s global network to provide faster, more secure, and efficient cross-border payment services for businesses across the ASEAN region.
The initiative will initially launch in Malaysia, with plans to expand into Indonesia, Singapore, Thailand, and Cambodia. This collaboration is set to benefit businesses by offering seamless cross-border payment solutions, integrated financial services, and expert support, enabling them to optimise operations and explore new growth opportunities in international markets.
Lawrence Loh, Co-CEO of Group Commercial and Transaction Banking at CIMB, stated, “Seamless cross border transactions are integral for businesses to thrive in today’s digital and connected economy.” He emphasised that the partnership would empower enterprises and SMEs to transact globally with greater ease and confidence.
PingPong’s APAC CEO, Jianqin Shu, expressed excitement about the partnership, highlighting the potential to make cross-border B2B payments as simple as local transactions. The collaboration will allow businesses to access multi-currency virtual accounts, eliminating costly cross-border fees and enhancing payment flexibility.
Through this partnership, CIMB will also offer merchant financing solutions and white-label SME card solutions for PingPong’s customers, further enhancing their payment capabilities. This collaboration underscores CIMB’s commitment to driving regional business growth and trade within ASEAN.
