OxPay Financial Limited Receives Extension on In-Principle Approval for Regulated Money Services License in Bhutan’s Gelephu Mindfulness City

Key Developments

• Extension Granted: OxPay Financial Limited has received an extension from the Gelephu Financial Services Office (GFSO) to fulfill the remaining regulatory pre-conditions for its in-principle approval (IPA) to provide regulated money services in or from Gelephu Mindfulness City, Bhutan. The new deadline to meet these conditions is 26 March 2026.
• Potential New Market: If granted, the license would permit OxPay to offer financial services in a developing and potentially lucrative market within Bhutan’s Gelephu Mindfulness City, aligning with the city’s ambitions to become a financial and innovation hub.
• Ongoing Regulatory Process: The company must still satisfy unspecified regulatory pre-conditions before the full license is granted. There is currently no certainty or assurance that the license will ultimately be secured.
• Continuous Disclosure: OxPay has committed to update shareholders and the market with any material developments or upon the grant of the license, in accordance with the Catalist Rules.

Implications for Shareholders and Potential Investors

• High Impact, High Uncertainty: The potential granting of a regulated money services license in Bhutan could significantly expand OxPay’s addressable market and business prospects. However, the extension signals that regulatory hurdles remain, and there is no guarantee of success.
• Price Sensitivity: The outcome of this process could be price-sensitive. Positive news on the granting of the license may trigger upward movement in OxPay’s share price, while failure or further delays could have a negative impact.
• Investor Caution Advised: Both shareholders and potential investors are strongly advised to exercise caution in dealing with OxPay’s shares until greater certainty is achieved. The company specifically warns that there is no certainty or assurance that the license will eventually be granted.
• Further Announcements Expected: Investors should monitor for further announcements from the company, especially regarding the fulfillment of regulatory pre-conditions or the granting of the full license.
• Professional Advice Recommended: The company encourages investors to consult with their financial, tax, legal, or other professional advisers in case of any uncertainty about their investment decisions.

Corporate Governance and Sponsor Oversight

• This announcement has been reviewed by the company’s sponsor, ZICO Capital Pte. Ltd., but has not been examined or approved by the Singapore Exchange Securities Trading Limited (SGX-ST). The SGX-ST assumes no responsibility for the contents of the announcement.
• Contact for Sponsor-related queries: Ms. Goh Mei Xian, ZICO Capital Pte. Ltd., 77 Robinson Road, #06-03 Robinson 77, Singapore 068896. Telephone: (65) 6636 4201.

Conclusion

The extension granted to OxPay Financial Limited by the GFSO for its in-principle approval to provide regulated money services in Bhutan’s Gelephu Mindfulness City represents a significant opportunity, but also introduces notable regulatory uncertainty. Investors should closely watch for further regulatory updates, as the final outcome could have a substantial impact on the company’s future growth prospects and share value.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Investors are encouraged to conduct their own due diligence and seek professional advice before making investment decisions. The author and publisher assume no responsibility for any actions taken based on this information.

View OxPay Financial Historical chart here