(Yicai) June 4 -- PingPong Payments, a Chinese provider of cross-border payment solutions, has expanded its global payment platform into the United Arab Emirates and Malaysia.

"PingPong's global platform continues to expand its geographic presence by securing central bank licenses from the UAE and Malaysia," the Hangzhou-based company announced on May 29. "These approvals add to PingPong's portfolio of over 60 global licenses."

PingPong has become the first Chinese company to obtain the Money Services Business Licence Class B from Malaysia's central bank and the in-principal approval to hold a payment license from the Central Bank of the UAE.

"These licenses show how PingPong's platform is rapidly expanding, delivering on its roadmap to build comprehensive global coverage through our global portfolio of regulatory licenses," said Aaron Xu, partner at PingPong. "The Middle East is fast becoming one of the most strategic corridors for international trade, and Southeast Asia continues to be a digital and economic growth powerhouse."

"As one of the most strategically positioned and rapidly growing economies in Southeast Asia, Malaysia presents an incredible opportunity for enterprises scaling their global operations," said Shu Jianqin, partner and general manager for Asia Pacific at PingPong.

"Securing a Money Services Business license positions PingPong at the heart of this growth, empowering us to support Malaysia's expanding fintech and financial services ecosystem, meeting the rising demand for efficient, compliant cross-border payment solutions," Shu added. "This milestone enables us to extend our global reach further and provide enterprises with end-to-end, one-stop payment services."

"Our goal is to strengthen access to every major trade corridor for enterprise businesses, supporting them with a platform that acts as a strategic bridge between the world's fastest-growing economies," Xu noted.

Founded in 2015 with the goal of solving the challenge of scaling enterprise businesses globally, PingPong has become one of the world's leading global cross-border payment platforms, processing more than USD250 billion, according to its website. So far, it has served more than 400,000 Chinese enterprises going global.

Editor: Futura Costaglione