Today, PingPong announces its authorisation as an Electronic Money Institution (EMI) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. This would make it the first Luxembourg-based B2B fintech, with offices in Hangzhou, New York, San Francisco, Japan and Hong Kong to achieve this feat in the EU after applying in December 2019. The license enables PingPong to offer a more flexible array of services and increase the scope of customers in the future. PingPong has already helped over 800,000 sellers across the globe spanning 14 different markets. It will aid the firm’s international expansion, which officially became a unicorn in March this year with a valuation of 1.5B USD. With this license, the company will be able to provide a secure electronic wallet and access to a host of new services. While banks were slow to digitally adapt, mobile cross-border payment services have exploded in popularity over the past few years. Europe currently leads the instant payments evolution, and is predicted to see an unprecedented growth of over 500 per cent in world-wide volume by 2025. This has allowed agile fintechs such as PingPong to capitalize on the global e-commerce boom that could see a record-breaking $3.914 … Continue reading EMI gave OK to PingPong, a Chinese fintech company