Following the license, PingPong will be enabled to expand its reach and enhance its solutions and service in the United Kingdom, and the broader European market as well.
Furthermore, the Electronic Money Institution license will give the company the possibility to provide its clients with a comprehensive range of financial tools, including VAR tax payment products, cross-border payments, accounts payable and accounts receivable management solutions, virtual credit cards, virtual receiving, and collection accounts.
PingPong will leverage its technology, its understanding, and expertise of the global financial landscape in order to streamline international payments, as well as to deliver enhanced value to its users.
The firm also received regulatory approvals from many markets globally, such as the US, Mainland China, Japan, Australia, India, Hong Kong, and Luxembourg. Its network currently covers over 200 countries through its license and partnerships with fintech firms, financial institutions, and banks.
PingPong will also use the license provided by the Financial Conduct Authority to enhance its focus on the security and privacy of customers, aiming to improve the overall client experience.
Customers can benefit from multiple tools and solutions while using PingPong, such as their virtual wallet, Global FX, or working capital. The products are built across multiple areas, including cross-border sellers, payment processors, banking institutions, and ecommerce platforms. The company holds multiple FX and payment service licenses as well.
PingPong’s virtual wallet represents a multi-currency solution that allows online sellers to make transactions in multiple currencies with other PingPong’s virtual wallet users and customers. Clients have the capability to open multiple virtual currency accounts while leveraging one easy-to-use platform. Through this tool, they can send, receive, and manage global payments, eliminate costs associated with the process of opening international accounts, as well as setting up EU-based ones online.
With the digital wallet, clients can have easier access to their global accounts, while avoiding currency fluctuations and saving money by reducing the cost of transferring money.
While using the Global FX payment services, customers can manage their payment and FX operations while hedging exposure to volatile foreign exchange markets. It offers live trading solutions at inter-bank exchange rates 24 hours a day, 5 days a week. Furthermore, it also provides a seamless connection to customers’ systems through its API tools, as well as a user-friendly online quotation and transaction of FX, making the risk management process easier and more seamless.
The product is eCommerce client friendly as it works with rates that lock up for 24 hours and which refund rate is locked up to 90 days.
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