OxPay Appointed Exclusive Payments Provider for Thailand's HIVE Ventures
- Partnership with HIVE, which has more than 4,000 restaurants and 200 suppliers on its platform, started this month
- Partnership to boost the Group's operations in Thailand, expected to contribute positively to Group's overall performance in next 12 months
SINGAPORE / BANGKOK, THAILAND - Media OutReach - 27 October 2021 - OxPay Financial Limited (SGX: TVV) announced today in a press release that it has been appointed as the exclusive payments provider for HIVE Ventures Ltd, Thailand's first integrated food ecosystem, with effect from October 2021.
HIVE Ventures Ltd was founded in 2018 with the mission of building a strong food community. The platform, which is home to more than 4,000 restaurants and 200 suppliers, provides three services: (a) HIVE Marketplace, an online B2B wholesale and retail market for food businesses; (b) HIVE RI, which caters to the end-to-end business operations of restaurants, such as point-of-sale, inventory management, accounting and payments, as well as customer relationship management; and (c) Spoonwalk, which handles restaurant delivery orders and restaurant reviews by influencers and consumers.
Mr Henry Tan, Managing Director of OxPay, said: "We're very pleased to be appointed as the exclusive payments provider for HIVE Ventures, Thailand's first integrated food ecosystem. This new partnership, which represents another growing market opportunity for OxPay, is expected to enlarge our footprint in Thailand. Barring any unforeseen circumstances, it is also expected to contribute positively to the Group's overall performance in the next 12 months."
OxPay is focused on servicing merchants in the retail, transportation and food and beverage industries. Its wholly-owned subsidiary, MC Pay Pte. Ltd., which was established in 2005, holds a major payment institution licence in Singapore, and is regulated by the Monetary Authority of Singapore under the Payment Services Act 2019.
OxPay's Merchant Payment Services segment provides payment processing services through its unified platform and smart software, which can be installed onto or integrated with any smart devices (including mobile phones, tablets, and smart point-of-sale terminals) for merchants with physical stores or integrated with online merchants' websites and applications. OxPay's second business segment, Digital Commerce Enabling Solutions, provides ancillary services such as the sale and lease of smart point-of-sale terminals, as well as both proprietary and licensed software-as-a-service which can be white-labelled. This segment also develops bespoke software solutions for its merchants.
Currently, OxPay has presence in four countries - Singapore, Malaysia, Indonesia and Thailand - with ambitions to become a regional player.