Kuala Lumpur, Malaysia – CIMB Group Holdings (CIMB) has entered into a strategic partnership with PingPong Global Holding Limited (PingPong) to strengthen cross-border payment services across the ASEAN region.
The agreement makes CIMB the first ASEAN bank to establish a two-way collaboration with the global payments provider.
The partnership will integrate CIMB’s banking infrastructure with PingPong’s international payments network, enabling businesses to access faster, more secure and cost-efficient cross-border transactions. The initiative begins in Malaysia and will be expanded in phases to Indonesia, Singapore, Thailand, and Cambodia.
Lawrence Loh, Co-CEO of group commercial and transaction banking at CIMB, mentioned how cross-border transactions are integral for businesses in today’s digital and connected economy.
“This partnership empowers small and medium enterprises (SMEs) to transact globally with greater ease, speed and confidence,” Lawrence commented.
He added, “We are proud to be the first bank in the region to enter a two-way partnership with PingPong, embedding global local collect solutions, and merchant financing directly into CIMB’s ecosystem.”
Through this collaboration, businesses will be able to receive payments in more than 20 local currencies via virtual accounts, reducing cross-border fees. Companies can also hold funds in multi-currency accounts, carry out seamless currency conversions, and send or receive payments to and from global buyers, suppliers, employees and partners.
In addition, the partnership introduces merchant financing solutions powered by CIMB for PingPong’s small and medium-sized enterprise (SME) and corporate clients. These include tailored financing options, white-label SME card solutions, and merchant acquiring services that enable acceptance of card and alternative payment methods across ASEAN.
“This partnership creates a powerful combination, with CIMB gaining access to our proven global payout and collection network, removing costly cross-border fees,” Jianqin Shu, APAC CEO and group partner at PingPong, said.
“Together, we are making cross-border B2B payments as simple as local transactions, making global commerce truly accessible for businesses, as we expand our presence across the ASEAN region.”
The collaboration aims to expand access to financial services for businesses in ASEAN, providing them with tools to streamline cross-border operations, optimise cash flow and support regional and global trade growth.
