PingPong re re Payments, a repayment service provider for e-commerce sellers, announced on Wednesday this has gotten its authorization being A electronic cash institution (EMI) by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Established in 2015, PingPong reported that its objective of assisting e-commerce that is global keep more profits, by beating the prices old-fashioned banking institutions offer.
вЂњToday, the business acts a lot more than 600,000 online sellers worldwide, has processed a lot more than ten dollars billion in cross-border re re payments for e-commerce merchants to-date, and transfers significantly more than $100 million a day for worldwide e-commerce vendors. Worldwide merchants round the globe trust PingPong Payments to assist them to spend less on cross-border payments, VAT & provider re re payments, and much more.вЂќ
PingPong stated that the permit allows it to provide a far more flexible selection of services while increasing the range of clients in the foreseeable future. Speaing frankly about the permit, Ning Wang , Co-Founder and Chief Business Officer at PingPong, reported:
вЂњWe are incredibly proud to announce getting an EMI permit in Luxembourg , a world-renowned fintech hub and pioneer in the EU market. This can strengthen our existing solutions which could help clients on various market places such as for instance Amazon, e-bay and Walmart and give us the flexibleness to broaden our business structure to beyond e-commerce platforms. вЂќ
Pierre Gramegna , Minister of Finance, Luxembourg included:
вЂњToday, Luxembourg is one of the leading repayment and e-money hubs within the EU and IвЂ™m very happy to observe that it is growing. In this feeling, We welcome that PingPong has simply upgraded a new e-money license to its Luxembourg presence that will assist it better provide its European clients.вЂќ