Draft:OxPay Financial Limited

OxPay Financial Limited
OxPay Financial Limited (“OxPay” or the “Company”, and together with its subsidiaries, the “Group”) has served as an online-to-offline financial services technology provider since 2005. The Group operates a fully integrated platform designed to facilitate smooth operations for both online and offline merchants.

As a facilitator within the online payments ecosystem, OxPay empowers merchants by offering seamless solutions for managing payment collection, enhancing operational efficiency, and boosting sales completion rates.

Currently, OxPay has a presence in the Southeast Asian markets of Singapore, Malaysia, Thailand and Indonesia.

History
In October 2022, OxPay received in-principle approval from the Monetary Authority of Singapore (MAS) to offer E-money and Account Issuance Services under its Major Payment Institution License in the city-state. The approval allows the Group to further expand its services, including e-wallets and non-bank issued stored-value cards, as well as issue e-money for transactions. In June 2023, OxPay announced a partnership with NomuPay to provide integrated payment solutions across four Southeast Asian markets and Hong Kong. This collaboration supports OxPay’s strategy to diversify its revenue streams by entering new markets like the Philippines and Hong Kong.

In November 2023, OxPay announced its plan to acquire a 45% stake in PT Diners Payment Indonesia (DPI) for US$1.1 million. DPI serves as the Indonesian agency for Discover and Diners Club, and it engages in merchant acquisition and payment processing. Additionally, DPI is in the process of obtaining the necessary licences from the Indonesian government to conduct its credit and charge card issuing and acquiring business. In December 2023, OxPay unveiled its partnership with Green Link Digital Bank Pte. Ltd. (GLDB), a licenced wholesale digital bank in Singapore, to explore collaboration opportunities in merchant acquisition. Through this alliance, OxPay aims to integrate its payment solutions with GLDB’s banking services, setting a new benchmark for integrated financial services.

Industry Trends
In Southeast Asia, the prevalence of digital payments through e-wallets has already surpassed physical card payments and is poised to become the predominant method across point-of-sale systems overall.

Consumers are adopting digital financial services at a rapid pace. Cash is no longer king, as digital payments now make up more than 50% of the Southeast Asian region's transactions.

ASEAN is the world’s fastest-growing region for mobile wallets, with the number of active accounts among the ASEAN-5 + Vietnam countries forecast to grow more than threefold to about 440 million by 2025.