OxPay and CIMB Bank to Collaborate to Enhance Digital Payment Solutions
OxPay is expected to benefit from lower processing cost through CIMB Bank’s collaboration with Visa and Mastercard
- With his agreement, Oxpay will become the first digital payment gateway company to collaborate with CIMB Bank in an effort to enhance digital payment solutions for merchants in Southeast Asia
- The partnership will enhance CIMB Bank's merchant services for card transactions through the Card Networks and bolster OxPay's presence in Singapore as the exclusive payment gateway collaboration partner of CIMB Bank
- OxPay aims to increase its presence in the market of offline vendors and merchants, and offer services that were previously unavailable through preferred partnerships such as, specific bank programmes
SINGAPORE - Media OutReach - 20 April 2023 - OxPay Financial Limited (SGX: TVV) is pleased to announce that a non-binding strategic collaboration agreement with CIMB Bank Berhad, Singapore Branch. The non-binding agreement will form the basis for further discussions which may require parties to enter into separate definitive agreements. The proposed collaboration will improve CIMB Bank's merchant services for card transactions through the Card Networks (referring to Visa and Mastercard card networks) while also strengthening OxPay's presence in Singapore as the exclusive payment gateway collaboration partner for CIMB Bank. OxPay shall provide such services exclusively to CIMB Bank (and not to other parties).
CIMB Bank Berhad is a wholly-owned subsidiary of CIMB Group Sdn Bhd, one of Malaysia's largest financial services providers and a leading universal banking group in Southeast Asia. CIMB Bank operates on a full banking licence in Singapore. It offers investment banking services (including corporate finance and debt capital markets), banking products and services, treasury products and services, research coverage and asset management.
According to the agreement, OxPay will offer digital payment solutions services to CIMB Bank's vast network of clients under the proposed collaboration. This will allow them to expand their range of products and services in CIMB Bank's Merchant Business section. Through working together, OxPay aims to grow its reach in the offline vendor and merchant market and provide services that were previously unavailable through other collaboration. With CIMB Bank's assistance, OxPay will be able to offer payment processing services at a reduced card network cost, resulting in lower transaction fees for merchants.
Mr. Koh Jin Kit, Managing Director of OxPay, said, "We are excited to announce our proposed collaboration with CIMB Bank Singapore. The proposed collaboration will allow us to improve our merchant payment services solutions. With CIMB Bank's influential regional presence, we are eager to support their large extensive networks to expand their product and services offerings in CIMB Bank's Merchant Business segment. The proposed collaboration will also enable us to introduce advanced digital payment solutions to CIMB Bank's clients, opening doors for the future of digital payments in the region."
"Our proposed collaboration with OxPay reaffirms our commitment to driving innovation and enhancing the digital economy in the region. By leveraging our combined resources, we aim to engineer a secure and convenient payment ecosystem that delivers unparalleled value to our customers. The proposed collaboration will enable CIMB Bank's clients to benefit from OxPay's innovative digital payment solutions, enhancing our merchant services for card transactions and financing solutions for both consumers and merchants. We are excited about the possibilities that the proposed collaboration brings and look forward to working with OxPay to deliver innovative digital payment solutions to merchants." said Head of Consumer Banking and Digital, Ms. Merlyn Tsai of CIMB Bank.
The proposed collaboration between OxPay and CIMB Bank is an advancement in the field of digital payments. The proposed collaboration enables both companies to provide innovative payment solutions to merchants. OxPay's expertise in digital payment solutions, along with CIMB Bank's strong regional presence, is expected to increase the use of digital payments and help grow the digital economy in the area.
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The issuer is solely responsible for the content of this announcement.
About OxPay Financial
OxPay is principally engaged in the provision of merchant payment services and digital commerce enabling services, offering online-to-offline (O2O) solutions through a fully integrated platform with a focus on servicing merchants in the retail, transportation and food and beverage industries. Its end-to-end payment platform offers comprehensive solutions for merchants, ranging from hardware and software to data analytics and other technology-driven value-added services tailored to specific industries. Its solutions cater to merchants with both on-line and off-line presences, provided through a unified platform for digitalising engagement across all channels. OxPay currently has a presence in four geographical markets - Singapore, Malaysia, Indonesia and Thailand - with ambitions to become a regional player in the global payment space.
For more information, please visit us at http://oxpayfinancial.com/
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