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. 

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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.