Operating in four countries – Singapore, Malaysia, Indonesia, and Thailand, OxPay Financial Limited offers a range of payment solutions such as mobile wallets, QR code payments and cross-border remittances.

The company’s focus on servicing merchants in the retail, transportation, and F&B industries through a fully integrated online-to-offline (“O2O”) platform has recently manifested in a strategic collaboration with Green Link Digital Bank Pte. Ltd. (GLDB).

A Quick Recap on Digital Banks – GLDB

Digital banks in Singapore have revolutionized the financial sector, delivering customers a fresh and accessible banking experience. The emergence of these digital banks has reshaped the banking landscape, with the Monetary Authority of Singapore (MAS) granting licenses to four distinct digital banks in 2020:

On this note, Green Link Digital Bank (GLDB) is held by a consortium involving Greenland Financial, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management.

Source: Lendingpot

These banks provide a diverse array of banking services, ranging from virtual banking to digital wealth management, catering specifically to the market’s needs.

While Digital Full Banks are allowed to take deposits from retail customers, Digital Wholesale Banks like ANEXT and GLDB can only target non-retail segments i.e. providing banking services that cater to the monetary needs of small and medium-sized enterprises (SMEs).

And this is where OxPay and GLDB can collaborate in a win-win partnership.

OxPay and GLDB’s Partnership

In a press release dated 21 December 2023, OxPay announced a Memorandum of Understanding (MOU) with GLDB, aimed at exploring opportunities in merchant acquisition, with both companies leveraging their strengths to achieve mutual business expansion goals.

Under the terms of the MOU, OxPay’s subsidiary, OxPay SG Pte. Ltd., will actively promote GLDB’s banking and financing facilities within its growing merchant network.

In return, GLDB will be sharing OxPay’s cutting-edge payment solutions to its existing customer base – potentially increasing the base of prospective merchants and business entities for OxPay.

This strategic move underscores OxPay’s dedication to creating synergies within the financial technology sector, bringing together payment solutions and digital banking services for the benefit of clients and merchants.

Mr Yick Li Tsin, Chief Operating Officer of OxPay SG, commented,

“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.”

Mr Gary Wu, Chief Marketing Officer of GLDB, added,

“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 SMEs to obtain financial services from our collaboration with OxPay.”

Benefits from Growing ASEAN Payments Industry

The collaboration between OxPay and GLDB comes at a pivotal time for the ASEAN payments industry.

According to a report by Google, Temasek, and Bain & Company, the Asean payments industry is expected to reach US$1.3 trillion by 2025. The report also forecasts that digital payments will account for 40% of total payments in Southeast Asia by 2025, up from 10% in 2020, driven by the rapid adoption of e-commerce, online travel, and ride-hailing services, as well as the increasing penetration of smartphones and internet access.

With that in mind, the ASEAN market presents immense potential for companies operating in the payments and banking sectors. The integration of OxPay’s payment solutions with GLDB’s digital banking services bodes well for OxPay to capitalize on the burgeoning opportunities within the region.

OxPay’s Insider Ownership Emits Confidence

Another positive sign for OxPay’s investors is the high level of insider ownership and buying activity.

Chairman Mr. Ching Chiat Kwong – who is also CEO of Oxley Holdings – owns 27.8% of the company’s shares, indicating a strong alignment of interests with shareholders.

In addition, according to the latest filings, Mr. Ching has been actively buying more shares in the open market over the past year. This shows that Mr. Ching is confident and optimistic about the company’s prospects and performance, as well as his commitment to creating long-term value for shareholders.


In conclusion, OxPay Financial Limited’s collaboration with Green Link Digital Bank marks a strategic confluence of payment solutions and digital banking services.

Investors may find this collaboration promising, considering the potential for increased revenue streams, expansion of market share, and a strengthened position in the competitive financial technology landscape.

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