JAKARTA, Indonesia, July 31, 2024 /PRNewswire/ -- PingPong officially received a PJP payment license issued by Bank Indonesia. This license allows PingPong to carry out domestic and international money transfers in Indonesia, providing safe, convenient and comprehensive payment, collection and remittance services for various global companies looking to expand their business to Indonesia and local Indonesian businesses aiming for global growth.
With a population of 280 million people, Indonesia is the fourth most populous country in the world. Indonesia has an average annual GDP growth rate of around 5%, and its GDP is projected to reach USD 1.48 trillion by 2024. Indonesia, with its large consumer market, young demographic structure, and high internet penetration rate, has become fertile ground for the development of the e-commerce industry and a favorite destination for global companies.
David Messenger, CEO of Global Businesses at PingPong, stated: "In recent years, more and more cross-border sellers and Chinese brands have expanded their business to Indonesia, while local Indonesian businesses are also actively involved in cross-border trade. This has generated huge demand for cross-border payment and remittance services.
"By obtaining an Indonesian license, PingPong can provide local businesses with local and foreign currency payment services for general trade or cross-border e-commerce. Additionally, PingPong can offer end-to-end, one-stop cross-border payment solutions to global companies in Indonesia, helping them improve global operational efficiency."
Industry experts note that obtaining an Indonesian license signals that the company's commercial viability, compliance, information security and technological superiority have been recognized by local regulators. This enables deeper integration with local banks and e-commerce platforms, increasing payment efficiency and reducing costs. The company can further develop its local service ecosystem in Southeast Asia, and continue to realize its global payment service network.
To date, PingPong holds more than 60 payment licenses and permits in various countries and regions, including China, Hong Kong, the United States, Canada, Australia, the European Union, the United Kingdom, Japan, Singapore, Indonesia and India. PingPong is China's only cross-border payments agency holding payment licenses and permits in eight of the world's largest economies, meeting the needs of a wide range of companies looking to expand into key global markets.