PingPong receives Indonesian payments licence. Source: Shutterstock.com

PingPong has announced that it has been granted a Payment System Service Provider (PJP) licence from Bank Indonesia, the central bank of the Republic of Indonesia. This latest licence will enable PingPong to facilitate cross-border and domestic payments for businesses in the region.

With a population of 280 million, the world’s fourth most populous country has a significant consumer market, with its 2024 GDP expected to reach $1.5trn. Its young population, high internet penetration and large labour force have made it one of the fastest-growing countries in Southeast Asia, and an increasingly important region for international enterprises looking to expand their global footprint.

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For businesses focusing on international trade, this licence will help them expand and gain access to the region’s $320bn export market.

David Messenger, CEO of Global Businesses at PingPong, said: “As one of the largest and fastest growing economies in Southeast Asia, Indonesia offers an incredible opportunity for enterprises scaling their operations globally. This licence enables us to expand our reach and provide enterprises with end-to-end, one-stop cross-border payment solutions.”

This marks more than 60 financial licences awarded to PingPong

PingPong holds more than 60 payment licences and permits in the United States, EU, UK, Hong Kong, mainland China, Canada, Australia, Japan, Singapore, Indonesia, India and other countries and regions around the world. With each licence representing a multi-year process with government entities to assess the strength and viability of PingPong.

PingPong is one of the few international payments companies to obtain a Payment System Service Provider (PJP) licence from Bank Indonesia, the central bank of the Republic of Indonesia.

The licence will enable PingPong to facilitate cross-border payments and disbursements, empowering international enterprises to expand.

With more than 1 million customers PingPong is one of the largest global cross-border payments companies.