Summary
PingPong, a cross-border payment infrastructure provider, secured in-principle approval from the Monetary Authority of Singapore for a Capital Markets Services (CMS) licence. 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., helping clients manage FX volatility. The CMS licence complements PingPong's existing Major Payment Institution licence in Singapore, held by Mana Payment (Singapore) Pte. Ltd.
Key Facts
- In-principle approval from MAS for CMS licence (subsidiary: Mana Markets)
- Will offer OTC FX derivatives to eligible Singapore-based clients
- Complements existing Major Payment Institution licence (Mana Payment)
- PingPong provides embedded financial infrastructure for cross-border businesses
- CEO Shu Jianqin: Singapore's regulatory framework and institutional ecosystem make it a strategic hub
- PingPong Asia Pacific HQ in Singapore — base for Southeast Asia expansion
Why It Matters
PingPong's dual licensing strategy (MPI + CMS) in Singapore signals the growing convergence of payments and capital markets infrastructure for cross-border businesses. As global trade and e-commerce expand, companies need both payment rails and FX hedging tools — and PingPong is building a unified regulatory stack to serve both needs from Singapore. The MAS in-principle approval also reflects Singapore's continued attractiveness as a fintech licensing hub for global players.