OxPay Financial Limited’s Bhutan Subsidiary Secures Full Payment Licence and Appoints Industry Veteran as CEO

Key Highlights of the Announcement

• Oxygen7, OxPay’s Wholly-Owned Bhutan Subsidiary, Receives Full Financial Services Licence:
  • Oxygen7 Pte Ltd has secured a Financial Services Licence (FSL) from the Gelephu Financial Services Office (GFSO), Bhutan, as of 29 April 2026, following the completion of all pre-conditions set out in the November 2025 in-principle approval.
  • The licence enables Oxygen7 to offer regulated money services in Gelephu Mindfulness City (GMC), Bhutan—a new, purpose-built special economic zone aimed at becoming a digital finance hub in South Asia.
• Appointment of Mr. Peng Chun Hsien as CEO of Oxygen7:
  • Mr. Peng brings over 25 years of experience in the payments sector, having held senior leadership positions at Visa, Ant Financial, and Citibank.
  • He will spearhead the build-out of the Bhutan payments platform, merchant acquisition, and OxPay’s strategic expansion in South Asia.
• Platform Launch and Business Model:
  • The payment platform is scheduled for launch in the fourth quarter of 2026, with earnings contribution anticipated thereafter.
  • Oxygen7 will offer two core services:
    1. Merchant payment services—allowing businesses in GMC to accept payments via credit cards, e-wallets, and cryptocurrencies from a global base, with built-in protection from crypto price volatility.
    2. Business remittance services—leveraging stablecoin technology for faster and more cost-effective cross-border B2B payments. These will be delivered through a partnership with an established crypto payment technology provider, operating on an asset-light, non-custodial model.
  • Initial target markets are tourism, hospitality, and enterprises with significant cross-border payment needs.
• Strategic Expansion Plans:
  • Following the Bhutan launch, OxPay plans to roll out its integrated crypto payment platform to neighbouring countries and across South Asia.
  • Stablecoin transaction volumes in South Asia reached US\$300 billion in the first seven months of 2025, up 80% year-on-year, demonstrating substantial potential for growth.

Shareholder-Relevant and Price-Sensitive Information

• This is a significant strategic development in OxPay’s recovery and growth plan:
  • The grant of the FSL in Bhutan transforms OxPay from the establishment phase of its crypto payment strategy to full operation, representing a concrete step towards delivering new revenue streams.
  • The appointment of a seasoned executive like Mr. Peng adds credibility and execution capability, potentially accelerating OxPay’s regional ambitions.
  • The expected earnings contribution from the new platform in late 2026 and the potential for rapid South Asian expansion are material developments that could positively impact future financial performance and share value.
  • OxPay’s strategy taps into the high-growth digital asset and stablecoin payment sector—an area of increasing investor interest and regulatory support within the region.
• Execution Risks and Forward-Looking Statements:
  • The announcement contains forward-looking statements regarding launch timelines, earnings contributions, and expansion plans. These are subject to execution risk, regulatory changes, and market adoption rates.

About OxPay Financial Limited

OxPay is a Singapore-listed company (SGX: TVV) that provides merchant payment services and digital commerce enabling services. Its integrated platform serves merchants in retail, transportation, and F&B, offering online-to-offline (O2O) solutions, data analytics, and technology-driven value-added services. OxPay currently operates in Singapore, Malaysia, Indonesia, and Thailand, and is now expanding into Bhutan and the wider South Asia region.

Management Commentary

Mr. Chin Mun Chung, Executive Director and CEO of OxPay:
“The grant of the FSL is a significant milestone in our phased recovery plan, and we are committed to delivering on the promises made to shareholders. Bhutan is where our crypto payment strategy moves from establishment to operation, and with Mr. Peng leading Oxygen7, we have the right person to drive this next phase.”

Mr. Peng Chun Hsien, CEO of Oxygen7:
“GMC is one of the most progressive digital asset jurisdictions in Asia, and Oxygen7 is in a position to be an early mover. My immediate focus is to get the platform to market and onboard the first batch of merchants, while South Asia is where we go next.”

Disclaimer: This article is based on information provided by OxPay Financial Limited as of May 2026. It contains forward-looking statements, which involve known and unknown risks and uncertainties that may cause actual performance or results to differ materially from those expressed or implied. This is not investment advice. Investors should conduct their own due diligence and consult with professional advisors before making investment decisions.

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