SINGAPORE, February 16, 2022 — OxPay Financial Limited (SGX: TVV) (“OxPay” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that it is expanding its businesses to the United Kingdom, and adding neobanking to its platform which will enable merchants to receive international payments and gain easier access to the global market at cost-effective rates.
The Company has partnered with TranSwap, a global banking-as-a-service platform with multiple central bank licenses across the United Kingdom, Singapore, Hong Kong, and Indonesia. TranSwap will integrate its neobank technology stack into the Company’s existing platform. With this partnership, OxPay will offer neobanking products such as the issuance of local and global virtual name bank accounts to clients for collection, payment and conversion of currencies, and global cross-border payment and issuance of cards. The neobanking services will be rolled out progressively, starting with global cross-border payment service, thereby providing OxPay merchants access to global multi-currency accounts. This will allow OxPay merchants to make payments to over 180 countries in 120 currencies as well as receive payments from 57 countries and store up to 34 currencies at any one time. Following this partnership, OxPay intends to expand its services to the United Kingdom, a leading global financial centre. As Europe-Asian trade continues to grow, the Company sees an opportunity to become a leading player in the global payment space.
Mr. Henry Tan, Managing Director of OxPay said, “We want our customers to gain easier access with transacting and banking digitally, as well as to help them harness the full potential of the rapidly changing digital payment space. Partnering with TranSwap is expected to boost the Group’s financial inclusion strategy. The global neobanking transaction value is expected to exceed US$3.9 trillion in 2022. This development is also a part of our strategy to expand our geographical footprint. We continue to embrace new technologies to meet the needs of this fast changing industry and enhance our merchants’ experience with us”.
OxPay is focused on servicing merchants in the retail, transportation, and food and beverage industries. Its wholly owned subsidiary, OxPay SG Pte. Ltd. (formerly known as MC Pay Pte. Ltd.), which was established in 2005, holds a major payment institution license in Singapore and is regulated by the Monetary Authority of Singapore under the Payment Services Act 2019. Currently, OxPay has a presence in Singapore, Malaysia, Indonesia, and Thailand.
