OxPay Financial Limited has announced its partnership with ShopeePay on Nov 9.
The partnership means OxPay users can now use ShopeePay as an option for merchants in Singapore, Malaysia and Thailand.
OxPay has begun the technical integration of ShopeePay and aims to complete the process by the end of 2021.
The service is also expected to be rolled out at the same time.
See: OxPay appointed exclusive payments provider for Thailand’s HIVE Ventures
ShopeePay is part of SeaMoney, the digital financial services arm of Sea Limited. It enables users to make online payments on Shopee, top-up their wallets, as well as transfer and withdraw funds.
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With digital payments in Asean expected to triple to US$1.5 trillion ($2 trillion) by 2030, OxPay says it is “well-placed to benefit from this burgeoning market opportunity” given its infrastructure and expanding geographical footprint.
Asia is also leading the growth in non-cash transactions with a five-year compound annual growth rate (CAGR) of 24% to US$244 billion in 2019.
“We are pleased to unveil this partnership with ShopeePay, which will provide greater ease and convenience to our users. With the Covid-19 pandemic accelerating the shift away from cash towards digital or online payments both in Singapore and the region, offering ShopeePay as another payment option on our platform allows us to capitalise on this significant and growing market opportunity,” says Henry Tan, managing director of OxPay.
As at 1.21pm, shares in OxPay are trading 1.5 cents higher or 4.92% up at 32 cents.
