OxPay receives licence to offer e-money and account issuance
The fintech said it won’t have any material impact on the group’s financial statement this year.
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.
ALSO READ: Payoneer SG obtains MPI licence, broadens services horizon
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.