PingPong, a Chinese provider of cross-border payment solutions, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Capital Markets Services (CMS) license.

Once formally issued by the MAS, the CMS license will allow PingPong to offer eligible Singapore-based clients over-the-counter FX derivatives products through its subsidiary, Mana Markets (SG) Pte. Ltd, PingPong said in a statement on Monday.

Eligible Singapore-based clients will be able to hedge against foreign exchange volatility.

This will complement the existing suite of payment services provided by PingPong through its licensed Major Payment Institution, Mana Payment (Singapore) Pte. Ltd. in Singapore.

“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,” said Shu Jianqin, Chief Executive Officer of PingPong Asia Pacific and Group Partner.

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