Malaysian lender CIMB Group Holdings Berhad has announced a partnership with Chinese payment firm PingPong Global Holding Limited to boost cross-border payments across ASEAN.

CIMB said in a statement on Monday that the bank has become the first ASEAN bank to enter a two-way partnership with PingPong to accelerate the digital commerce.

The memorandum of understanding (MoU) marks the start of a strategic partnership in which PingPong will be the bank’s partner in the ASEAN region for cross-border payment solutions, integrating CIMB’s banking infrastructure with PingPong’s global network to deliver faster, more secure and efficient payment services for businesses.

The collaboration will start with Malaysia serving as the launchpad for the joint initiative between both parties, followed by phased rollouts into key markets such as Indonesia, Singapore, Thailand and Cambodia.

According to the statement, businesses across the ASEAN region will benefit from seamless instant cross-border payment solutions, integrated financial services and expert support, empowering them to expand efficiently, optimise their operations, and capture new growth opportunities in international markets.

“Seamless cross border transactions are integral for businesses to thrive in today’s digital and connected economy,

“CIMB is proud to be the first bank in the region to enter a two-way partnership with PingPong, a leader in cross-border business to business (B2B) payments, embedding global local collect solutions, and merchant financing directly into CIMB’s ecosystem,” said Lawrence Loh, Co-Chief Executive Officer of Group Commercial and Transaction Banking of CIMB.

According to him, this will empower enterprises, small and medium enterprises (SMEs) to transact globally with greater ease, speed and confidence.

“Aligned with our Forward30 strategy, these capabilities reinforce our role as a trusted partner in driving regional business growth, trade and commerce,” he added.

Meanwhile, Jianqin Shu, Asia Pacific (APAC) Chief Executive Officer and Group Partner at PingPong, said as the global payments company that’s accelerating the future of digital commerce, the firm is thrilled to partner with one of ASEAN’s banking leaders to make cross-border B2B payments as simple as local transactions.

“This partnership creates a powerful combination, with CIMB gaining access to our proven global payout and collections network, removing costly cross-border fees,

“We can now offer businesses multi-currency virtual accounts with seamless conversion, plus tailored merchant financing and card solutions. Together, we are not just strengthening our presence across the ASEAN region, we are making global commerce truly accessible for businesses,” he added.

It is noted that through this collaboration, CIMB’s payment infrastructure will leverage PingPong’s platform to receive payments in over 20 local currencies through virtual local accounts, eliminating costly cross-border fees.

Businesses will be able to hold funds in CIMB’s multi-currency accounts, convert currency seamlessly, and make or receive payments to and from buyers, suppliers, employees and partners globally.

The partnership also integrates a CIMB-powered merchant financing solution designed for PingPong’s SMEs and corporate merchant base, offering customised financial support to drive business growth and operational efficiency.

In addition, CIMB will provide white-label SME card solutions for PingPong’s customers, enhancing their payment flexibility and transaction management.

PingPong’s merchants will benefit from CIMB’s merchant acquiring services, enabling acceptance of cards and alternative payment methods across ASEAN.

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