23rd September 2025 - 2 min read
CIMB Group Holdings Berhad has signed a Memorandum of Understanding (MoU) with PingPong Global Holding Limited, making it the first ASEAN bank to establish a two-way partnership with the global payments company. The agreement is aimed at improving cross-border payment solutions and giving businesses across the region easier access to international markets.
The collaboration will first be introduced in Malaysia before expanding to markets such as Indonesia, Singapore, Thailand, and Cambodia. By integrating CIMB’s banking infrastructure with PingPong’s international payments network, the initiative is expected to deliver faster, more secure, and cost-efficient solutions for enterprises and small and medium enterprises (SMEs).
Through this partnership, businesses will be able to receive payments in over 20 local currencies using virtual local accounts, helping to reduce cross-border fees. They can also hold funds in CIMB’s multi-currency accounts, convert currencies seamlessly, and make or receive payments globally with suppliers, employees, and partners.
PingPong’s customers will further benefit from CIMB-powered financing options, SME card services, and expanded merchant acquiring services, enhancing payment acceptance across ASEAN.
CIMB’s Co-CEO of Group Commercial and Transaction Banking, Lawrence Loh, said seamless cross-border transactions are vital for businesses to grow in today’s connected economy.
This will empower enterprises and SMEs to transact globally with greater ease, speed, and confidence,” he said.
PingPong’s APAC CEO and Group Partner, Jianqin Shu, added that the collaboration aims to make international payments as straightforward as local transactions for businesses in the region.
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Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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