In a significant development for B2B cross-border payments, FinTech platform MODIFI have announced a global B2B Buy Now Pay Later (BNPL) functionality in partnership with PingPong, one of the largest payment platforms in Asia.
Announced at this year's Singapore FinTech Festival, the collaboration will enable cross-border exporters and merchants to offer BNPL payment options to their B2B customers, helping them accelerate global business expansion and increase revenues. As the momentum for global trade digitalisation surges, the role of financial services in steering trade growth becomes ever more paramount.
Addressing the nuanced needs of today's cross-border e-commerce and foreign trade sectors, the collaboration between PingPong and MODIFI harnesses cutting-edge digital tech coupled with a robust global banking account and payment financing infrastructure. The result is a dramatic increase in business operations efficiency and funds liquidity for both buyers and sellers.
Sellers can benefit from the boon of instant invoice payments, fortifying their financial liquidity. Meanwhile, buyers enjoy a suite of adaptable and flexible payment terms.
Jianqin Shu, PingPong Global Partner and General Manager of SMB Business Group, stated: "Standing at the forefront of the digital commerce era, PingPong will continue to prioritize the evolving needs of cross-border enterprises, enhancing our product capabilities with a primary focus on cross-border payments.
“The partnership with MODIFI will offer a comprehensive digital payment and finance solution to help more businesses achieve global expansion." Matthias Hendrichs, Chief Commercial Officer of MODIFI, said: "For businesses eyeing global expansion, cross-border financing presents intricate challenges.
“MODIFI's mission revolves around simplifying these complexities. Our synergy with PingPong equips us with a formidable mechanism to spearhead global enterprise expansion. Our goal is to offer an end-to-end digital payment and financing solution for businesses engaged in cross-border trade, getting them closer to their global aspirations."
With PingPong's vast global payment reach across 200+ countries, and MODIFI's deep-rooted expertise in trade finance, businesses are presented with an unmatched suite of business solutions. This alliance promises businesses the tools they need to fine-tune working capital, deftly navigate risks, and seize growth opportunities in the global markets.