Friday September 1st, Finance Minister Pierre Gramegna, in presence of representatives of PingPong Financial Group, has officially announced that the group, through its Luxembourg entity, PingPong Europe S.A. has been granted a payment institution license.
PingPong Financial Group, specialized in payment services for Chinese e-commerce sellers, is the first Chinese FinTech having established its European offices in Luxembourg.
The Chinese e-commerce service payment provider PingPong aims at connecting Luxembourg and China and will facilitate in particular e-commerce activities between China and Europe. PingPong offers China based cross-border sellers e-commerce payment services.
“PingPong is yet another innovative FinTech player that chose Luxembourg as its EU hub. Its presence is a welcome addition to the Luxembourg financial ecosystem and further strengthens the ties between Luxembourg and China”, comments the Minister of Finance, Pierre Gramegna.
PingPong Financial, as a group, established its headquarters in Hangzhou, China in 2015, with offices today in 5 countries and regions including: China (Shenzhen, Hangzhou), Hong Kong, US (New York and San Francisco), Japan (Tokyo) and – since recently – Luxembourg, where they have established their European headquarters.
The main mission of PingPong Financial is to make selling easy everywhere in the world. The product Platform Payouts is an innovative and streamlined way for Chinese internet resellers in particular to receive rapidly their international payments from e-commerce platforms in local currency.
Lead by its Founder, Global CEO and Chairman, Yu Chen, PingPong considers itself as an innovative FinTech start-up, having successfully developed its international footprint. The company is rapidly growing. Its European arm is managed by the American Danielle Kuhn.
“The operational headquarters of PingPong in Europe will be in Luxembourg. We are happy we have been granted a payment institution license here. PingPong also has the intention to establish a Research and Development Center for Europe. Luxembourg offers substantial benefits in terms of financial services, blockchain technology and information security, a solid foundation for our expansion”, comments Yu Chen.
PingPong was accompanied throughout the license application procedure by Schiltz & Schiltz, a boutique law firm specialized in FinTech,
PingPong Europe S.A. is a Luxembourg public limited company (“société anonyme”) incorporated in Luxembourg in December 2016.