CIMB Bank and OxPay join forces for digital payment solutions

The partnership will serve as a starting point for additional talks that may involve signing separate agreements.

CIMB Bank Singapore and OxPay Financial have teamed up with the aim of enhancing digital payment systems.

The non-binding agreement serves as a foundation for additional discussions that may necessitate the parties to execute distinct definitive agreements, the joint statement read.

The suggested partnership aims to enhance CIMB Bank's merchant services concerning card transactions by utilising card networks.

It also aims to bolster OxPay's position in Singapore as the sole payment gateway collaboration associate of CIMB Bank.

OxPay will offer such services exclusively to CIMB Bank and not to any other entities.

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The agreement specifies that OxPay will provide digital payment solutions to CIMB Bank's extensive client base. This will enable them to diversify their offerings in CIMB Bank's Merchant Business division. 

By partnering with the bank, OxPay intends to expand its offline vendor and merchant market presence and provide services that were not previously accessible through other collaborations. 

With the help of CIMB Bank, OxPay can offer payment processing services at a reduced card network fee, leading to reduced transaction costs for merchants.