• OxPay is expanding its service offering to include credit card issuance, strengthening its position in the competitive fintech market.

• The new CEO Yick Li Hsin is leading the development of new markets and business opportunities.

• Strategic partnerships and cooperations aim to increase dealer acquisition and market presence.

SINGAPORE – Media OutReach Newswire – July 19, 2024 – OxPay Financial Limited (SGX: TVV) (“OxPay” or the “Company” and together with its subsidiaries, the “Group”) is about to expand its portfolio to include a potentially lucrative business: credit card issuing. As the only payment solutions provider listed on the Singapore Stock Exchange, OxPay currently serves around 4,000 merchants, mainly in Singapore, with a growing presence in Malaysia and Thailand.

The payments sector is highly regulated, and licenses such as those from the Monetary Authority of Singapore present high barriers to entry. This regulation ensures a safe and reliable service for OxPay’s customers, which include well-known brands such as Watson’s, Old Chang Kee and Q&M Dental, as well as numerous small businesses.

Market dynamics and financial performance

In FY2023, OxPay reported revenue of S$8.3 million, a 16% year-on-year decrease, with a net loss of S$1.9 million. This reflects the competitive and mature nature of the Singapore market, which generated 83% of OxPay’s revenue. However, under the leadership of new CEO Yick Li Hsin, appointed in January 2024, OxPay is poised to expand into new markets and business areas.

Expansion into new markets and services

Starting in 2024, OxPay aims to target smaller merchants in Indonesia, Malaysia and Thailand. This will be achieved through strategic partnerships and acquisitions, with a focus on underserved and unbanked populations. “In Singapore, there are about 200,000 to 300,000 merchants, in Indonesia, there are over 20 million. A large portion of these are mom-and-pop shops,” Mr. Yick says in an interview with NextInsight. “We have the potential to partner with them. As a fintech company, we are trying not to compete directly with traditional banks, but to reach out to this underserved and unbanked population.”

Strategic partnerships and cooperations

1. Agreement with DCS Card Centre: In March 2024, OxPay entered into an agreement with DCS Card Centre (formerly Diners Club Singapore) to become their payment intermediary. This enables OxPay to process credit card and debit card transactions, as well as international transactions via Visa, Mastercard, Diners Club International and China UnionPay.

2. Collaboration with Green Link Digital Bank: In December 2023, OxPay SG collaborated with Green Link Digital Bank, a licensed wholesale digital bank in Singapore. This partnership aims to provide banking services, supply chain financing and working capital financing to businesses in Singapore. Through this collaboration, OxPay hopes to attract more merchants and offer them credit facilities, thereby increasing merchant loyalty and standing out in the competitive market.

The story continues

Diploma

OxPay’s entry into credit card issuing and strategic partnerships is in line with its overall objective to increase its market presence in the Asia Pacific region. These initiatives are designed to build customer loyalty and drive growth by tapping into new and existing markets.

With its established digital infrastructure and growing geographic presence, OxPay is well positioned to capitalize on significant market opportunities and cement its position as a leading fintech player in the region.
Hashtag: #creditcard #finance #banking

The issuer is responsible for the content of this announcement.

About OxPay Financial

OxPay is primarily engaged in the provision of merchant payment services and digital commerce support services, offering online-to-offline (O2O) solutions through a fully integrated platform with a focus on serving merchants in the retail, transportation and food and beverage industries. Its end-to-end payments platform offers comprehensive solutions for merchants, from hardware and software to data analytics and other technology-based value-added services tailored to specific industries. Its solutions target merchants with online and offline presence and are delivered through a unified platform to digitize engagement across all channels. OxPay is currently present in four geographic markets – Singapore, Malaysia, Indonesia and Thailand – and has the ambition to become a regional player in the global payments space.

This press release was prepared by NextInsight. For more information, please visit http://oxpayfinancial.com/