For financial services firms looking to enter Europe, Luxembourg has historically been a popular anchoring point for its political and economic stability as well as a favorable regulatory environment. Another bucketload of capital is coming to the country after Chinese fintech startup Pingpong announced to invest more than €100 million ($113 million) in Luxembourg in the coming years.
Founded in 2014, Pingpong has been celebrated by its home city Hangzhou — also Alibaba’s backyard — as a pioneer in the country’s booming cross-border ecommerce sector. Backed by one of China’s largest investment banks CICC, the startup collects payments for Chinese exporters selling through Amazon, Wish, Shopee, Newegg and some other 14 ecommerce platforms around the world, which means clearing local regulatory hurdles is key to its business.
Its European ambition does not stop with Luxembourg. Luo Yonglong, a partner at Pingpong, said at a Saturday event that within three years, … Read the rest