• OxPay to expand its services by issuing credit cards, enhancing its position in the competitive fintech market.
• New CEO Yick Li Hsin leads the charge in exploring new markets and business opportunities.
• Strategic partnerships and collaborations aim to increase merchant acquisition and market presence.

Market Dynamics and Financial Performance

In FY2023, OxPay reported a revenue of S$8.3 million, a 16% year-over-year decrease, with a net loss of S$1.9 million. This reflects the competitive and mature nature of the Singapore market, where 83% of OxPay's revenue was generated. However, under the leadership of new CEO Yick Li Hsin, appointed in January 2024, OxPay is poised to expand into new markets and business lines.

Expansion into New Markets and Services

From 2024, OxPay plans to target smaller merchants in Indonesia, Malaysia, and Thailand. This will be achieved through strategic partnerships and acquisitions, focusing on underbanked and unbanked populations. "Singapore has about 200,000-300,000 merchants while Indonesia has about 20-plus million. A huge number are the mom-and-pop shops," says Mr. Yick in an interview with NextInsight. "We have the potential to work with them. As a fintech company, we try not to directly compete with traditional banks but to reach out to this underbanked and unbanked population."

Strategic Partnerships and Collaborations

1. Agreement with DCS Card Centre: In March 2024, OxPay entered into an agreement with DCS Card Centre (formerly Diners Club Singapore) to become their payment facilitator. This allows OxPay to process transactions on credit cards and charge cards, as well as international transactions through Visa, Mastercard, Diners Club International, and China UnionPay.
2. Collaboration with Green Link Digital Bank: In December 2023, OxPay SG collaborated with Green Link Digital Bank, a licensed wholesale digital bank in Singapore. This partnership aims to provide banking, supply chain financing, and working capital financing services to business enterprises in Singapore. Through this collaboration, OxPay hopes to acquire more merchants and provide them with credit facilities, thereby increasing merchant loyalty and standing out in the competitive market.

With an established digital infrastructure and a growing geographical presence, OxPay is well-positioned to capitalize on significant market opportunities and reinforce its standing as a leading fintech player in the region.

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References

1. ^{^} Media OutReach Newswire (www.media-outreach.com)