Best PingPong alternatives in Malaysia (2026 guide)

Key Takeaways:

• PingPong Payments received its Bank Negara Malaysia licence in May 2025, making it a relatively new entrant to the Malaysian market.

• The best PingPong alternative depends on your needs, whether that's marketplace integrations, lower FX fees, multi-currency accounts, or a broader set of business tools.

• Airwallex is a strong option for Malaysian businesses that want global accounts, competitive FX rates, corporate cards, and expense management in one platform.

If you're looking for PingPong alternatives, you're in the right place.

This guide compares the five best PingPong alternatives available to Malaysian businesses in 2026. Every fee and feature claim is verified from the provider's official website, so you can compare with confidence.

Whether you're switching platforms or evaluating options for the first time, this is the guide to help you decide.

What is PingPong Payments?

PingPong Payments is a cross-border payment platform founded in 2015. It was originally built to help eCommerce sellers — particularly those selling on Amazon, eBay, Shopify, and other global marketplaces — receive international payments without going through traditional banks.

Its core product is a suite of global collection accounts that lets businesses receive funds in multiple currencies and withdraw to a local bank account.

Over time, PingPong has broadened its focus. It now also serves enterprises, financial institutions, and SaaS platforms that need cross-border payment infrastructure. The platform covers local accounts in 23 currencies¹, payouts to 200+ countries and regions¹, FX across 30 currencies with 400+ currency crosses¹, and card issuing capabilities.

In May 2025, PingPong received a Money Services Business Licence Class B from Bank Negara Malaysia (BNM), adding Malaysia to its portfolio of over 60 global licences¹. This gives it a formal regulated presence in the country.

Why look for a PingPong alternative?

PingPong is a capable platform for cross-border payments, but it isn't the right fit for every Malaysian business. Here are the most common reasons businesses look elsewhere.

Limited product suite

PingPong's core strengths are payment collection, FX, and payouts. If your business also needs corporate cards, expense management, automated bill payments, or local payment acceptance, you'll likely need to add additional tools — or switch to a platform that covers more ground.

Newer to Malaysia

PingPong only received its BNM licence in May 2025. Compared to platforms with a longer operating history in the Malaysian market, it has a shorter local track record and fewer references from Malaysian businesses.

Shifting focus towards enterprise

PingPong's recent product direction has moved towards enterprises, financial institutions, and SaaS platforms. If you're an SME, a Shopee or Lazada seller, or a small exporter, you may find its setup and API-first approach more complex than your needs require.

Pricing or coverage gaps

Depending on your specific payment corridors, marketplace integrations, or payout destinations, another provider may offer better FX rates, faster settlement, or more direct connections to the platforms you use.

For a more in-depth look at PingPng, read our PingPong review.

5 best PingPong alternatives in Malaysia (2026)

These five platforms cover the most relevant options for Malaysian businesses looking to send and receive cross-border payments.

Here’s a quick overview, before we go into the individual providers:

The information in this table has been reviewed to be accurate as of 21 April 2026.

1. Airwallex

Airwallex is the only platform on this list that covers the full payments stack in one account: global collection, FX, outgoing transfers, payment acceptance, corporate cards, expense management, and accounting integrations.

Every other option here does one or two of these things well. Airwallex does all of them, and it's the only one directly licensed by BNM.

FX starts from 0.4% above interbank rates, saving you up to 80% on FX fees, and you get free international transfers via local rails. For eCommerce sellers, Airwallex also comes with plugins so you can connect directly to Amazon, eBay, Lazada, Shopee, Shopify, and WooCommerce at no extra cost.

The information in this table has been reviewed to be accurate as of 21 April 2026.

2. Payoneer

Payoneer has been around since 2005 and connects to more than 2,000 marketplaces, networks, and platforms³, including Amazon, eBay, Upwork, Fiverr, and Airbnb.

If your income comes through these platforms, Payoneer is one of the most plug-and-play options available. It supports 70 currencies³ across 190+ countries and territories³, and its Mastercard lets you spend directly from your Payoneer balance.

The trade-off is cost. Receiving in anything other than your local currency carries either a fixed fee or 1%, and the card charges up to 3.5% on currency conversions. The annual account fee of US$29.95² also applies if you receive less than US$6,000 in any 12-month period.

The information in this table has been reviewed to be accurate as of 21 April 2026.

3. WorldFirst

WorldFirst is part of Ant International — the same group as Alipay+ — and is purpose-built for businesses that collect marketplace payments and pay suppliers, particularly in China.

Receiving funds and holding multiple currencies are both free⁴, and the World Card charges 0% foreign transaction fees when you pay directly from your account balance⁴. Its direct payment rails to 1688.com and TaoWorld are a practical advantage that almost no other platform on this list can match.

For Malaysian businesses with a China supply chain — sourcing from Alibaba, AliExpress, or 1688.com — WorldFirst removes a layer of friction that most cross-border platforms simply don't address. It covers 130+ marketplaces, 210+ regions, and 22 local currencies⁵, with up to 1% cashback on eligible World Card spend⁴.

The information in this table has been reviewed to be accurate as of 21 April 2026.

4. Rapyd

Rapyd is payment infrastructure that’s designed for platforms, marketplaces, and businesses that want to embed payment capabilities into their own products rather than use an off-the-shelf account.

Its platform covers 900+ payment methods⁶ across 120+ currencies⁶, with tools for collecting, disbursing, and issuing cards. Payouts can be sent via Visa Direct, Mastercard Send, and bank transfers in real time⁶.

If you're building a marketplace or a platform that needs to split and route payments to multiple parties, Rapyd is worth exploring. If you're an SME looking for a straightforward account to receive international payments and pay suppliers, it’s not the best option: the API-first setup adds more complexity than most businesses need.

The information in this table has been reviewed to be accurate as of 21 April 2026.

5. Stripe

Stripe processed US$1.9 trillion in payments in 2025 and supports 135+ currencies and payment methods⁷ — making it one of the most capable payment processing platforms in the world. It handles online payment acceptance, billing, subscriptions, and marketplace payouts through its Connect product.

That said, Stripe is a payment gateway, not a multi-currency collection account. It does not offer a wallet where you receive marketplace payouts in foreign currencies and choose when to convert.

If your main need is collecting international payments and holding foreign currency balances — which is what most businesses searching for PingPong alternatives want — you would need to pair Stripe with a separate multi-currency account.

The information in this table has been reviewed to be accurate as of 21 April 2026.

Why Malaysian businesses choose Airwallex over PingPong

Each platform has its strengths. But if you're a Malaysian business looking for one account that handles it all, here's why Airwallex stands out:

A longer local track record

PingPong only received its BNM licence in May 2025. Airwallex has been incorporated and operating in Malaysia since 2018 — giving it a much longer local track record, a deeper understanding of Malaysian businesses, and an established regulatory relationship with BNM as both a licensed remittance business and a registered merchant acquirer.

A broader product suite

PingPong's core focus is cross-border payment collection, FX, and payouts. It’s built primarily for eCommerce sellers and, increasingly, enterprise clients.

If you need corporate cards, expense management, bill pay, or local payment acceptance through GrabPay and WeChat Pay, PingPong does not offer these in Malaysia.

With Airwallex, all of this sits inside a single account.

More relevant marketplace integrations for Malaysian sellers

PingPong's marketplace integrations skew towards platforms popular with Chinese cross-border sellers, with less coverage of Southeast Asian channels.

Airwallex's free integrations include Shopee and Lazada — two of the largest eCommerce platforms for Malaysian sellers — alongside Amazon, eBay, Shopify, and WooCommerce.

Fast payments, low FX costs

PingPong does not publish its FX rates openly: you need to check within the platform or contact them for specifics.

Airwallex is transparent: FX starts from 0.4% above interbank rates, with no markups hidden in the exchange rate and no minimum transaction size. On speed, Airwallex routes 94% of payments through local payment rails, meaning 93% of transactions arrive on the same working day and 45% arrive instantly.

Frequently asked questions (FAQ)

Is PingPong Payments available in Malaysia?

Yes. PingPong received a Money Services Business Licence Class B from Bank Negara Malaysia in May 2025, giving it a regulated presence in the country. Before that date, it had no direct regulatory footing in Malaysia. It is a relatively new entrant to the local market compared to platforms with longer operating histories here.

What is the best PingPong alternative for Malaysian businesses?

It depends on your needs. Airwallex is the strongest option if you want one platform to handle global accounts, FX, transfers, corporate cards, and expense management under a BNM-regulated licence. WorldFirst is a good fit if you source heavily from China and want direct payment rails to 1688.com. Payoneer suits sellers with income across a wide range of global marketplaces and freelance platforms.

How does Airwallex compare to PingPong?

Both platforms allow you to receive international payments and convert currencies. Airwallex goes further — it offers corporate cards, expense management, local payment acceptance, and free integrations with Shopee, Lazada, and local accounting tools like Xero and QuickBooks. Airwallex has also been BNM-licensed and operating in Malaysia since 2018, compared to PingPong's licence obtained in May 2025.

Is PingPong regulated in Malaysia?

Yes, as of May 2025. PingPong holds a Money Services Business Licence Class B from Bank Negara Malaysia (BNM). This allows it to carry out cross-border money transfer services in Malaysia. You can verify active MSB licences on the BNM website.

Can I use multiple cross-border payment platforms at the same time?

Yes, and many Malaysian businesses do. You might use Airwallex as your primary business account for FX and supplier payments, while keeping a Payoneer account active for specific marketplace payouts that require it. There is no rule against holding accounts on more than one platform, and it can be useful to have a backup for specific corridors or platforms.

Does PingPong work with Shopee or Lazada?

PingPong's official page does not list Shopee or Lazada among its marketplace integrations. Its integrations focus primarily on platforms popular with global and Chinese cross-border sellers, such as Amazon, eBay, and Shopify. If you sell on Shopee or Lazada, Airwallex integrates directly with both platforms at no extra cost — alongside Amazon, eBay, Shopify, and WooCommerce.

Sources:

1. https://www.airwallex.com/my/pricing

2. https://www.airwallex.com/my/business-account/global-accounts

3. https://www.airwallex.com/my/business-account/transfers

4. https://www.international.pingpongx.com/

5. https://www.international.pingpongx.com/newsroom/pingpong-expands-b2b-cross-border-payments-platform-for-enterprises

6. https://www.payoneer.com/fees/

7. https://www.payoneer.com/

8. https://www.worldfirst.com/my/

9. https://www.worldfirst.com/my/pricing/

10. https://www.rapyd.net/platform/

11. https://stripe.com/en-my

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Malaysia) Sdn. Bhd., a company incorporated under the laws of Malaysia with company registration number 201801007747 (1269761-X), is regulated as a licensed remittance business under the Money Services Business Act 2011 (Licence number 00743 with an expiry date of 3 August 2028, an E-Money Issuer and a registered merchant acquirer under the Financial Services Act 2013.