OxPay Financial Limited is pleased to announce that its wholly-owned subsidiary, OxPay SG Pte. Ltd., has entered into a memorandum of understanding (the "MOU") with Pi Pay, a payments solutions platform headquartered in Cambodia, to explore an international payments alliance between various countries including but not limited to Cambodia, Singapore, Indonesia, Thailand and Malaysia. This partnership will allow OxPay and Pi Pay to connect their respective platforms not only to offer convenient wallet-to-wallet payments, remittances and other services but also to develop new solutions that are not of a payment nature.

Pi Pay is a leading mobile payment solution platform in Cambodia. Pi Pay is also backed by a prominent local business conglomerate in Cambodia that has extensive holdings in property, infrastructure, hospitality, power and trading businesses. Pi Pay is unique among the payment solution platforms in Cambodia for its strategic partnerships with traditional financial institutions and internet financiers alike. Among its key partners are Alipay, WeChat Pay and Korea's KB Kookmin Bank.

The partnership with Pi Pay is in line with the Group's strategic direction to increase its presence in the APAC region. This also presents a sizeable opportunity for OxPay to tap into Pi Pay's merchant network and expand its customer base. In addition, the partnership might bring greater customer loyalty due to the increased connectivity between the two payment platforms.

Mr. Henry Tan, Managing Director of OxPay, said, "We are thrilled to partner with Pi Pay to explore an international payments alliance. Through our collaboration, we hope to increase connectivity for both the payment and remittance services. The partnership also sets the groundwork for even more innovative and complex services beyond the payment solutions."

The MOU shall be valid for a period of 12 months unless terminated by either party by giving two weeks' notice in writing or until a definitive agreement is entered into between the parties.

OxPay is focused on servicing merchants in the retail, transportation, as well as food and beverage industries. Its wholly owned subsidiary, OxPay SG Pte. Ltd., established in 2005, holds a major payment institution license in Singapore and is regulated by the Monetary Authority of Singapore under the Payment Services Act 2019.

Currently, OxPay has a presence in Singapore, Malaysia, Indonesia and Thailand – with ambitions to become a regional player in the global payment space. With OxPay's established digital infrastructure and expanding geographical presence, the Group believes that it is well-positioned to capitalise on this significant and growing market opportunity.