PingPong has secured in-principle approval from the Monetary Authority of Singapore for a Capital Markets Services (CMS) licence.
The company provides embedded financial infrastructure for businesses operating across global markets.
Once granted, the licence will allow PingPong to offer over-the-counter foreign exchange derivatives to eligible Singapore-based clients through its subsidiary Mana Markets (SG) Pte. Ltd.
The products are intended to help clients manage foreign exchange volatility.
They will complement PingPong’s existing payment services in Singapore, which are provided through its licensed Major Payment Institution, Mana Payment (Singapore) Pte. Ltd.
Shu Jianqin, CEO of PingPong Asia Pacific and Group Partner, said,
“This in-principle approval marks an exciting new chapter for PingPong across Singapore and Southeast Asia.
Singapore’s world-class regulatory framework, robust institutional ecosystem, and role as a global financial hub make it both a strategic home for our expansion and a powerful base for the clients we serve.”
Featured image: Edited by Fintech News Singapore, based on image by freepik via Magnific
