OxPay Financial Limited: Extension Granted for Regulated Money Services License in Gelephu Mindfulness City, Bhutan

Date: 19 March 2026

Key Points from the Announcement

• OxPay Financial Limited has received a further extension from the Gelephu Financial Services Office (GFSO) in Bhutan, allowing the company until 26 April 2026 to fulfill remaining regulatory pre-conditions for its in-principle approval (IPA) to provide regulated money services in or from Gelephu Mindfulness City.
• The company had previously announced its receipt of the IPA for a financial services license, with updates provided on 27 November 2025 and 5 February 2026.
• The extension indicates ongoing engagement with Bhutanese authorities and demonstrates progress towards obtaining full licensing, but the license has not yet been granted.
• Upon successful grant of the license, OxPay has committed to making further announcements in accordance with Catalist Listing Rules, ensuring transparency for shareholders.

Important Information for Shareholders and Potential Investors

• Uncertainty Remains: There is no certainty or assurance that the License will ultimately be granted. The extension does not guarantee approval – it only allows more time for OxPay to meet regulatory requirements.
• Potential Price Sensitivity: The eventual outcome of the license application could be highly material for OxPay’s share price. Success would likely open access to new markets and revenue streams; failure may result in a missed growth opportunity.
• Investor Caution Advised: The company specifically advises shareholders and potential investors to exercise caution when dealing in OxPay shares due to the ongoing uncertainty.
• Professional Advice Recommended: Investors uncertain about their position are encouraged to consult financial, tax, legal, or other professional advisors before making any investment decisions.
• Regulatory Oversight: The announcement was reviewed by OxPay’s sponsor, ZICO Capital Pte. Ltd., but has not been examined or approved by the Singapore Exchange Securities Trading Limited (SGX-ST), which assumes no responsibility for its content.

Detailed Analysis

The extension granted by GFSO underscores both the opportunity and risk facing OxPay Financial Limited. The company is seeking to become a licensed provider of regulated money services in Bhutan’s newly established Gelephu Mindfulness City, a jurisdiction that could represent a significant new market for fintech and payment solutions. The process has already involved several rounds of announcements and regulatory reviews, suggesting complex pre-conditions and high standards set by Bhutanese authorities.

For investors, the license is potentially a game-changer – successful approval could allow OxPay to expand its footprint and diversify its service offerings, which may drive share price appreciation. However, the risk is equally substantial: failure to obtain the license after multiple extensions could lead to negative sentiment and downward pressure on the share price, especially if investors had priced in expectations of regulatory approval.

The company’s commitment to timely and transparent updates is positive, but as of this announcement, the outcome remains unresolved. Shareholders should monitor future disclosures closely, particularly those related to regulatory milestones and the eventual grant or denial of the license.

Conclusion

The news represents a material development for OxPay Financial Limited, with potential to move the share price in either direction depending on the ultimate regulatory outcome. Investors are advised to remain cautious and stay informed as the company navigates the remaining regulatory hurdles.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All information is based on company disclosures as of 19 March 2026. Readers should consult their own financial, legal, and tax advisors before making any investment decisions. The Singapore Exchange Securities Trading Limited (SGX-ST) has not examined or approved the contents of this article and assumes no responsibility for its accuracy.

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