(Yicai Global) July 17 -- AliExpress has started cooperating with its first external partner for cross-border payments as PingPong Payments, a Hangzhou-based Chinese fintech unicorn, will help Chinese merchants get paid abroad.

Chinese sellers can already see the PingPong cross-border collection option on the e-commerce platform of Alibaba Group Holding, the California-based firm said in a statement today.

The product is the beginning of cooperation, according to Lu Shuai, a co-founder of PingPong. It marks Alibaba’s determination to open to ecosystem partners to reach joint success, he added.

PingPong supports cash withdrawal in different currencies including offshore and onshore Chinese yuan, the company said.

Founded in 2015, PingPong obtained its payment license in the United States in March 2015 and a corresponding permit in Europe in September 2017. The company has more than 30 branches around the world, covering over 200 countries and regions. The firm is backed by financial giants including Fidelity International, and China International Capital.

Editor: Emmi Laine