PingPong, a provider of cross-border payment solutions, has unveiled InvestXB, a new infrastructure solution targeting alternative investment managers, administrators, and corporate service providers in Luxembourg.
The platform aims to offer efficient financial services for professionals managing investment vehicles within Luxembourg, while also providing support for global investors and assets.
In 2020, PingPong received approval from Luxembourg’s financial regulator, the CSSF, to transition from a Payment Institution (PI) licence to an Electronic Money Institution (EMI) licence.
This upgrade grants PingPong passporting rights, allowing it to operate across the European Economic Area under the supervision of the CSSF.
This regulatory status enables PingPong to streamline the opening of multi-currency accounts and the onboarding of investment vehicles globally, maintaining compliance throughout the process.
InvestXB distinguishes itself by facilitating the onboarding of investment vehicles with international investors and assets, including Ultimate Beneficial Owners (UBOs). It is among the few non-bank entities that enable the opening of a multi-currency IBAN based in Luxembourg.
This IBAN can receive funds in 23 currencies, hold multiple currencies to meet fund obligations, and enable disbursements to over 200 countries and regions.
For fund managers, the ability to raise funds quickly is crucial. Traditional banks and legacy providers often delay account approvals, affecting fund incorporation and operations, said PingPong. InvestXB addresses these challenges by enabling account openings within 24 hours, issuing blocking certificates in minutes, and supporting faster capital deployment.
Additionally, InvestXB allows global investment vehicles to open additional accounts on the same day.
