Concept
PingPong is a cross-border payments provider founded in 2015, headquartered in Hangzhou, with one of the widest licensing portfolios among Asian fintechs — over 60 regulatory permissions worldwide. The core stack covers money-transmitter licences across US states (via PingPong Global Solutions Inc.) on top of a FinCEN MSB registration, a Hong Kong MSO, a Singapore MAS Major Payment Institution licence, a UK FCA electronic-money licence and a Luxembourg CSSF EMI passporting into the EEA, alongside domestic Chinese permissions. The network spans 200+ markets, and annualized payment volume exceeds US$300 billion on the company's own figures as at 30 June 2026 — a run-rate, not a cumulative total.
Why the niche exists
Moving money in and out of China is hard by design, and the whole category grew out of that. Under SAFE rules an individual can convert only US$50,000 a year, the quota resets every January, and using it to fund an offshore company is not permitted. A marketplace seller earning six figures abroad cannot simply wire the proceeds home. Licensed payout channels like PingPong sit inside the permitted-trade lane: they settle real commercial proceeds through regulated local rails, which is why they grew up around cross-border e-commerce rather than ordinary banking.
Private.law as a PingPong partner
Private.law acts as a PingPong onboarding partner. The partner channel matters for a practical reason: PingPong's default onboarding and support run in Chinese, built around mainland sellers. A separate team handles non-Chinese merchants, and the partner route connects straight to it — onboarding and support in English or Russian rather than the default Mandarin desk.
What PingPong does
- Multi-currency accounts. Local account details in USD, EUR, GBP, CAD, AUD, JPY, HKD and SGD, with direct integrations into Amazon, eBay, Walmart, AliExpress, Wish, Cdiscount, Lazada and Shopee.
- Direct RMB payouts. To suppliers' Chinese bank or Alipay accounts, settled through local partner banks in China rather than SWIFT.
- Batch payments. Mass payouts across several currencies for recurring supplier runs.
- VAT compliance. VAT calculation, registration and filing preparation for UK and EU sellers, wired into marketplace VAT data from Amazon EU and eBay UK.
- Localization. Interface and core support in Chinese; for non-Chinese sellers, dedicated English and Russian support through the partner channel.
- API. For platforms automating high-volume payouts.
Use cases
Chinese seller on Western marketplaces
The primary scenario. A Chinese national sells on Amazon US, Walmart, eBay UK or Cdiscount France. The platforms pay revenue in USD, EUR or GBP into PingPong local accounts; PingPong converts and pays out in RMB to the seller's home bank account in China. The advantage over an ordinary bank is the licensed channel itself — it routes genuine commercial proceeds without colliding with SAFE currency controls and the individual US$50,000 annual conversion quota.
Importer from China to Western countries
An EU or UK company importing from Chinese factories. PingPong is one of two main routes for paying suppliers directly in RMB — the other being WorldFirst, now owned by Ant Group and wired into Alipay. Both bypass the currency-control and correspondent-banking friction that slows ordinary SWIFT transfers into China.
UK/EU seller with VAT setup
A UK Ltd or EU GmbH selling on Amazon EU, eBay UK or Cdiscount. Crossing VAT thresholds forces registration in several countries and recurring filings. PingPong folds the marketplace account and VAT services into one setup, which is simpler than bolting on a separate VAT provider such as Avalara.
Mandatory requirements
- Marketplace history. A verified seller account on one of the supported platforms.
- Jurisdiction. China, Hong Kong, the US, the UK, the EU, Singapore and Australia are the primary accepted bases.
- Marketplace strategy. Which platforms, which product categories, and where the suppliers sit.
- Clean ownership. A clear structure and documented UBO — see UBO registers.
Opening via Private.law
- Preparation. Corporate documents, marketplace account confirmations and a business-model description. One to two business days.
- Submission. The application goes in through the partner channel.
- Compliance review. PingPong's team checks the business model and fund flows and raises any questions. Five to ten business days.
- Activation. Local account details, marketplace connections and VAT options where needed.
With a clean profile, the whole process runs about 7–15 business days.
Sanctions-sensitive clients
Not suitable for
- No sales history or China flow. A regular SME is better served by Wise, Statrys or Airwallex.
- Holding large balances. PingPong is not a bank.
- Acquiring from end customers. No card acquiring here, only marketplace payouts — for that side, see PayFac vs ISO.
- Crypto, gambling, adult, weapons. Prohibited categories.
- Shell companies. Declined.
Regulation and licensing
PingPong's real selling point is the licence stack rather than any single product. Each permission is a regulated rail in its own market: the UK FCA electronic-money licence and the Luxembourg CSSF EMI cover the UK and the EEA, the Singapore MAS Major Payment Institution licence covers Southeast Asian flows, the Hong Kong MSO and the US state money-transmitter licences cover those corridors, and domestic Chinese permissions close the loop on RMB payout. For how these regimes work in their own right, see the Luxembourg EMI and payment licence, Singapore PSA payment licences, the Hong Kong licensing hub and payment agents and passporting in the EU/UK.
How PingPong compares
Against the obvious alternatives the line is fairly clean. WorldFirst is the closest match for RMB supplier payout, since Ant Group runs it through Alipay; the choice usually comes down to pricing and account experience. Payoneer covers marketplace collection broadly but is weaker on direct China payout. Airwallex and Revolut Business suit multi-currency operations and treasury more than the Chinese-supplier corridor. Wise and Statrys fit smaller businesses that want a clean account without the marketplace-and-VAT bundle.
Where this is heading
PingPong has been moving up-market, from marketplace sellers toward enterprise B2B cross-border payments. Through 2025 it picked up an in-principle approval from the UAE central bank and a Class B money-services licence in Malaysia, took direct scheme connections in Europe, and folded AI into its compliance and payment flows. The direction is a broader regulated network with more corridors, set against a Chinese regime that keeps tightening — which steadily widens the gap between licensed providers and informal money movers.
Q/A
Can PingPong bypass SAFE and the USD 50,000 personal quota?
No. SAFE says documented cross-border e-commerce receipts may fall outside an individual’s USD 50,000 annual facilitation quota, but that is not a waiver of controls: genuine transaction materials or electronic data, KYC and a traceable commercial purpose are still required. PingPong’s licence does not legitimise an unsupported transfer.
Is this a bank account, and can it hold a large balance?
No. It is a payment product, not a bank deposit. The contracting PingPong entity and the rules protecting funds depend on the country and agreement; a payment or e-money licence does not turn the balance into a deposit. The account is primarily a settlement tool, so the applicable local terms should be checked for holding, redemption and withdrawal rules.
Can marketplace revenue be collected and paid straight to an RMB supplier?
Yes, where the marketplace, currency, company jurisdiction and beneficiary are supported. PingPong offers local collection and local-currency payouts, including into China, but the account and payee remain subject to KYC/AML and the payment must match the declared trading model. Product availability does not guarantee approval of a particular corridor.
Will PingPong accept a company with no marketplace sales history?
Not as an automatic substitute for an ordinary bank account. Onboarding requires KYC and business information, while the marketplace product is designed around verifiable sellers and platforms; the relevant PingPong entity retains approval discretion. If there is no marketplace flow or China settlement leg, a general multi-currency provider may fit the task better.
Does PingPong take over the seller’s VAT obligations?
No. A VAT payment or compliance tool can simplify execution, but it does not decide where the seller must register, charge tax or file returns. That depends on stock location, the customer’s country, the marketplace’s role and the applicable scheme; responsibility for correct registration and reporting remains with the seller.