“You will not see payment companies in Singapore with so many licences for Singapore, Malaysia, Indonesia and Thailand, and potentially, licensed in Europe, Australia and Cambodia. These licences will expose us to greater international communities in the e-payment business,” says Ching Chiat Kwong, non-executive chairman of MC Payment. Ching is also chairman, CEO and major shareholder of Oxley Holdings.
Should shareholders approve the resolution in an EGM in September, MC Payment will soon be renamed Oxpay Financial. It is a modestly-sized Catalist-listed company with a market cap of around $100 million. Yet, in May and June this year, the company was the subject of a board tussle for control. What is so valuable about the company?
It could be MC Payment’s four payment licences, and its claim as Singapore’s first payments company to be listed. The four payment licences, include the Payment Services Provider Licence from the Monetary Authority of Singapore (MAS).
