PingPong review for Malaysia businesses (2026): Fees, features, and what to watch out for

Key Takeaways:

• PingPong is a B2B cross-border payments platform that holds a Money Services Business Licence Class B from Bank Negara Malaysia, making it a licensed option for Malaysian businesses

• PingPong does not publish its pricing online — you'll need to contact their team directly to get fees for your business

• Unlike PingPong, Airwallex publishes its pricing upfront, supports self-serve onboarding, and covers payments, multi-currency accounts, and expense management in one platform.

PingPong was founded in 2015 and has built one of the largest cross-border payment networks in the world. It received its Money Services Business Licence from Bank Negara Malaysia in 2025, which means Malaysian businesses can now use it for remittance services locally.

This PingPong review covers everything Malaysian businesses need to know before signing up: what the platform does, how its fees work, what real users say, and whether it suits your needs for cross-border payments in Malaysia.

What is PingPong?

PingPong is a cross-border payments platform founded in New York in 2015. It was built to help businesses send, receive, and manage money across borders — without relying on traditional banks.

Today, it operates across 200+ countries and regions, with 35+ offices in 15 countries, 1,500 employees, and has processed over US$300 billion in cumulative transaction volume. It holds 60+ financial licences globally¹.

The platform is primarily designed for enterprises, financial institutions, and software platforms that need to embed cross-border payment capabilities into their operations.

PingPong is not a consumer product or a general-purpose business account. It is built for businesses that move money at scale — typically through API integration rather than a self-serve dashboard.

Is PingPong available in Malaysia?

Yes. PingPong received a Money Services Business Licence Class B from Bank Negara Malaysia (BNM) in 2025². This licence covers remittance services, which means PingPong can legally facilitate cross-border money transfers for businesses operating in Malaysia.

This also makes PingPong a regulated platform in Malaysia — not just an overseas service that Malaysian businesses happen to use. You can verify PingPong's licence directly on the BNM website.

In September 2025, CIMB became the first ASEAN bank to enter a two-way partnership with PingPong³. The collaboration integrates PingPong's cross-border payment network with CIMB's banking infrastructure, starting with Malaysia before expanding to other ASEAN markets.

What does PingPong offer?

PingPong's platform covers a few main areas: collecting payments, making payouts, managing foreign exchange, and issuing cards. Here's what you get with PingPong:

1. Multi-currency accounts and collections

You can open local accounts in 23 currencies and use them to collect payments from customers, marketplaces, and business partners worldwide.

PingPong supports over 200 local alternative payment methods, so you can receive funds the way your counterparties prefer — whether that's bank transfer, wire, card, or regional payment methods.

For Malaysian businesses collecting from markets like the US, EU, or China, this means you can receive funds in the payer's local currency without forcing them through an international wire.

2. International payouts

PingPong lets you send funds to 40+ currencies using local payment rails, which can be faster and cheaper than routing through SWIFT. You can also pay to bank accounts in 200+ countries and regions for cases where local rails are not available.

This is particularly relevant for Malaysian businesses paying overseas suppliers or contractors regularly — local rail access reduces both cost and settlement time compared to a standard bank transfer.

3. FX and treasury tools

PingPong supports holding and converting 30 currencies with more than 400 currency crosses. For businesses managing ongoing currency exposure, it also offers forwards and hedging tools to lock in rates and reduce FX risk.

This is more relevant to larger businesses with significant cross-currency cash flows than to smaller Malaysian SMEs making occasional international payments.

4. Card issuance

PingPong offers global card issuance tied to multi-currency accounts, with controls over spend categories. This is primarily aimed at businesses that need to issue cards to employees or customers as part of their operations — for example, a platform that wants to give vendors or partners a funded card for specific purchases.

5. API and platform integration

PingPong is built API-first. The platform is designed to be embedded into existing business systems rather than used as a standalone dashboard. PingPong states that integration typically takes less than 50 days.

This makes it well-suited to software platforms, marketplaces, and fintechs that want to offer payment capabilities to their own customers — but it also means the out-of-the-box experience for businesses that just want to log in and start transacting may feel less intuitive than a purpose-built SME tool.

PingPong fees and pricing

PingPong does not publish its pricing online. There is no pricing page on its website. This applies to transaction fees, FX markups, card fees, and any other charges — none of them are listed publicly.

To find out what PingPong would cost your business, contact their team directly and speak with an account manager. Pricing appears to be customised based on your business type, transaction volume, and the specific services you need.

Worth knowing before you reach out:

Before you invest time in a sales conversation, think about what questions you want to ask. Here are a few questions to get you started:

• What is the transaction fee for receiving payments in my currencies of interest?

• Is there an FX markup applied on top of the mid-market rate, and if so, how much?

• Are there any monthly, card, or account maintenance fees?

• How is pricing structured — flat fee, percentage, or volume-based?

The reason these questions matter is that FX markups in particular are easy to overlook. A markup added to the exchange rate does not always appear as a line-item fee — it shows up as a less favourable rate on conversion.

Over time and at volume, this can add up to a significant cost that is hard to spot without comparing the rate you receive against the mid-market rate at the time of the transaction.

PingPong customer reviews

At the time of publication, PingPong has a rating of 2.0 out of 5 on Trustpilot, based on 338 reviews⁴. Trustpilot classifies this as "Poor."

The negative reviews tend to cluster around a few recurring themes:

• Difficulty completing account registration due to technical issues

• Payments or accounts being placed on hold without clear explanation, slow or unresponsive customer support

• Challenges withdrawing funds

Several reviewers describe going weeks or months without a resolution.

The positive reviews do exist. A number of users highlight specific customer service staff by name who helped resolve issues quickly — suggesting that when support works, it works well. Some users also note that the platform is straightforward to use once set up.

PingPong responds to 80% of negative reviews on Trustpilot⁴, though they typically take over a month to reply⁴. Responses generally direct users to contact support by email rather than resolving issues publicly.

A few things to keep in mind when reading these reviews: PingPong's platform is primarily built for enterprise clients who have dedicated account managers — the self-serve experience may not be the core focus. Compliance-related holds and account reviews are also common across regulated payment platforms, not unique to PingPong.

That said, the volume and consistency of support-related complaints is something to factor in if responsive customer service matters to your business.

PingPong pros & cons

To summarise everything we’ve learnt so far, here is a quick breakdown of where PingPong stands:

The information in this table has been reviewed to be accurate as of 9 April 2026.

PingPong's strengths are real — the global licensing footprint and enterprise infrastructure are genuinely impressive. The concerns are also real: the pattern of support complaints and fee opacity are consistent enough across reviews that they are worth taking seriously, not dismissing as outliers.

Who is PingPong best suited to?

PingPong is built for businesses that operate at scale and need cross-border payment infrastructure embedded into their own systems. Based on what their platform actually offers, it fits best in a few specific situations.

It suits you well if you are a marketplace platform, logistics operator, or fintech that needs to programmatically move money across multiple countries. The API-first design, enterprise onboarding process, and dedicated account manager model are built for this kind of use case. If you are processing high volumes and need custom pricing, PingPong's model makes more sense.

It also suits businesses that already have a relationship with CIMB and want to access cross-border payment capabilities through that banking partnership as it develops across the ASEAN region.

In contrast, PingPong is less well-suited to Malaysian SMEs that need a self-serve platform they can get up and running quickly, with fees they can check before signing up.

If you are a small or medium-sized business making international supplier payments, collecting from overseas customers, or managing multi-currency cash flow day to day, the lack of published pricing and the enterprise-focused onboarding process may create more friction than it is worth.

Is there a better alternative for Malaysian businesses?

If you find PingPong isn't quite what you're looking for, another option is Airwallex — which is also licensed in Malaysia under Bank Negara Malaysia and is designed specifically for businesses that need to manage cross-border payments day to day.

Here's what you get with an Airwallex Global Account:

• No account opening fees, monthly maintenance charges, or minimum transaction requirements

• Open your account fully online, with approval typically taking a few business days

• Open local currency accounts in 20+ countries

• Receive funds and settle like-for-like in 20+ currencies

• Collect payments in 180+ countries via 160+ local payment methods

• Transfer to 200+ countries, with 93% of transactions arriving on the same day

• FX conversions at competitive rates that save you up to 80% on FX fees

Where Airwallex differs most from PingPong is in its accessibility. It is built as a self-serve platform — you can sign up, see how pricing works, and get started without going through a sales process. This makes it easier to evaluate upfront and faster to get running, particularly for Malaysian SMEs that need a cross-border payment solution without enterprise-level onboarding.

Frequently Asked Questions (FAQs)

Is PingPong available in Malaysia?

Yes. PingPong holds a Money Services Business Licence Class B from Bank Negara Malaysia, granted in 2025. This allows it to operate as a licensed remittance service provider in Malaysia. You can verify its licence directly on the BNM website.

Is PingPong a bank?

No. PingPong is a payment platform, not a bank. It provides virtual accounts and cross-border payment infrastructure, but it does not hold a banking licence. This is worth keeping in mind if you are looking for a full-featured business bank account.

How much does PingPong cost?

PingPong does not publish its fees online. There is no pricing page on its website. To find out what it would cost your business, you need to contact their team directly. Pricing is customised based on your business type, transaction volume, and the services you need.

Is PingPong safe to use?

PingPong is a regulated platform with 60+ financial licences globally, including its Malaysia MSB Class B licence from Bank Negara Malaysia. It is SOC 2 Type 1 certified and operates AML and KYC compliance processes. That said, a notable portion of user reviews on Trustpilot report issues with account access and fund withdrawals, so it is worth doing your due diligence before onboarding.

Who is PingPong designed for?

PingPong is primarily built for enterprises, financial institutions, marketplace platforms, and software companies that need to embed cross-border payment capabilities via API. It is less suited to Malaysian SMEs looking for a straightforward self-serve platform with transparent pricing. If that sounds like you, Airwallex is a fintech platform licensed in Malaysia that is designed for day-to-day business use.

What currencies does PingPong support?

PingPong supports local accounts in 23 currencies, payouts to 40+ currencies, and can manage 30 currencies with more than 400 currency crosses.

Sources:

1. international.pingpongx.com

2. international.pingpongx.com/licencing-and-regulation

3. cimb.com/en/newsroom/2025/cimb-partners-with-pingpong-to-empower-seamless-cross-border-payments-across-asean

4. trustpilot.com/review/pingpongx.com

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 is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).