OxPay SG, the wholly-owned subsidiary of OxPay Financial TVV , has obtained approval from the Monetary Authority of Singapore (MAS) to offer e-money and account issuance services under its major payment institution licence.
OxPay SG had already received MAS’s in-principle approval on Oct 28, 2022.
The approval is expected to enable the company to further expand its offerings to include e-wallets, non-bank issued stored-value cards or payment accounts that store e-money, as well as issue e-money for the purpose of making payment for a transaction.
“The group will continue to ensure that an adequate regulatory framework is in place to safeguard consumers' interest,” says OxPay.
“As the group explores new geographical markets to expand into, it hopes that the additional payment services will assist in attracting new customers. Considering its established digital infrastructure and track record thus far, the company believes that it is in good stead to capitalise on this significant and growing market opportunity,” it adds.
OxPay SG is currently operating in Singapore, Malaysia, Indonesia and Thailand.
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Shares in OxPay closed flat at 6 cents on Sept 5.
