PingPong Payments has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services (CMS) licence. This approval will enable PingPong, through its subsidiary Mana Markets SG Pte Ltd, to offer over-the-counter foreign exchange (FX) derivatives products to eligible clients in Singapore. The licence will allow these clients to hedge against FX volatility, complementing PingPong’s existing payment services offered by its licensed Major Payment Institution, Mana Payment Singapore Pte Ltd.
The approval marks a significant step for PingPong in expanding its services across Singapore and Southeast Asia. Shu Jianqin, CEO of PingPong Asia Pacific and Group Partner, highlighted Singapore’s strategic importance, stating, “Singapore’s world-class regulatory framework, robust institutional ecosystem, and role as a global financial hub make it both a strategic home for our expansion and a powerful base for the clients we serve.”
Since its founding in New York in 2015, PingPong has developed a comprehensive financial payment infrastructure for global commerce. The company boasts real-time processing, transparent pricing, and regulatory coverage across 60 licences, facilitating secure global growth. With 40 offices worldwide and 1,700 employees, PingPong has processed over $410 billion for enterprises and startups expanding internationally.
The in-principle approval indicates that a licence may be issued upon fulfilling specified conditions, although it does not currently permit the company to provide brokerage services. MAS reserves the right to rescind the approval if necessary.
