OxPay Financial TVV has announced that its wholly-owned subsidiary OxPay SG has entered into a non-binding memorandum of understanding (MOU) with Green Link Digital Bank (GLDB) to explore mutually beneficial opportunities in merchant acquisition.
The MOU, which commenced from Dec 15, will be valid for one year and will see OxPay promote GLDB’s banking and financing facilities to its growing merchant network with GLDB promoting OxPay’s payment solutions to its existing customer base in turn.
GLDB is a licensed wholesale digital bank in Singapore, providing banking, supply chain financing and working capital financing services to business enterprises in Singapore.
According to OxPay, the collaboration marks a significant step towards integrating payment solutions with digital banking services, offering clients and merchants greater ease in running and scaling their business operations. It also aligns with OxPay’s vision of fostering an agile, secure and scalable payment ecosystem, says the company.
Yick Li Tsin, OxPay SG’s newly-appointed chief operating officer (COO), says: “By combining OxPay's robust payment solutions with GLDB's specialised banking services, we are setting a new standard for integrated financial services. Our collaboration is not just about business growth, but also aims to create synergies to drive significant value for our customers and the market.”
GLDB’s chief marketing officer Gary Wu adds: “As a digital bank, our financial services are naturally readily accessible. However, we have also ensured that we make it simpler, safer, and more rewarding for small and medium enterprises (SMEs) to obtain financial services from our collaboration with OxPay.”
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Shares in OxPay Financial closed unchanged at 5.5 cents on Dec 21.
