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.
OxPay SG, the wholly-owned subsidiary of OxPay Financial (SGX: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.
