Payments platform PingPong obtains PJP license in Indonesia

PingPong eyes expanding into the country’s $320b export market.

PingPong, a cross-border payments platform, has clinched a Payment System Service Provider (PJP) license from Indonesia’s central bank.

With this, PingPong will be allowed to facilitate cross-border domestic payments for businesses in Indonesia.

PingPong expects the license to help them expand and gain access to the region’s $320b export market.

PingPong noted Indonesia’s significant customer market, with its gross domestic product (GDP) expected to reach $1.5t in 2024.

“Its young population, high internet penetration and large labour force have made it one of the fastest growing countries in Southeast Asia, and an increasingly important region for international enterprises looking to expand their global footprint,” PingPong said in a press release. 

PingPong now holds over 60 payment licenses and permits globally, including in the US, the EU, the UK, Hong Kong, mainland China, Singapore, Japan, and India, amongst others.