OxPay Receives Major Payment Institution Licence in Singapore

The Monetary Authority of Singapore (MAS) has given OxPay SG a major payment institution licence to provide e-money and account issuance services. This allows the expansion of its services to include e-wallets, non-bank issued stored-value cards, and payment accounts storing e-money, as well as issuing e-money for transactions.

Presently, the group operates in Singapore, Malaysia, Indonesia, and Thailand. 

As it explores new markets for expansion, OxPay SG said these additional payment services are expected to help attract new customers. 

It is anticipated that this approval will not have a significant impact on the group's earnings per share and net tangible assets per share for the financial year ending  31 December 2023.

(Source: Asian Banking and Finance)