SINGAPORE, April 18, 2022 – OxPay Financial Limited (SGX: TVV) (“OxPay” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that it has been appointed as the official digital payment service provider for all 99 Q & M Dental Group (Singapore) Limited (“Q & M Dental”)’s clinics in Singapore.
The rollout of the digital payment services program will be carried out in two phases, with Phase 1 consisting of all non-credit card payments processing, including GrabPay, PayNow, Dash, AliPay and WeChat Pay, and Phase 2 comprising credit card payments processing, such as Visa, Mastercard and other cards, as well as instalment payment plans. Q & M Dental’s 21 clinics will participate in the pilot testing before the program is progressively rolled out to all 99 clinics in Singapore by 2Q 2022.
Q & M Dental is the largest private dental healthcare group in Singapore, with over 141 clinics spanning Singapore, Malaysia and China. Q & M Dental made its trading debut on the Mainboard of the Singapore Exchange in November 2009. The Mainboard-listed company posted a revenue of S$205.6 million (unaudited) for its financial year ended 31 December 2021, of which S$160.2 million (unaudited) was generated from its dental and medical clinics.
The partnership with Q & M Dental presents a sizeable opportunity for OxPay, as credit cards and digital wallet payments account for a majority of Q & M Dental’s clinics’ total transactions. 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.
In 2020, the digital payments market chalked up a total transaction value of US$5.4 trillion, with this figure forecast to expand to US$11.3 trillion by 2026, registering a six-year CAGR of 11.2% over the period. Demand for cashless payments is driven by the soaring internet economy, greater convenience, favourable government policies, and evolving customer behaviour. In addition, Asia leads the growth in non-cash transactions globally, registering a five-year CAGR of 28%, driven by its surging digital economy.
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.
Mr. Henry Tan Chee Keong, Managing Director of OxPay, said, “We are excited to partner with Q & M Dental. Through our collaboration, we hope to support Q & M Dental’s long-term business growth by driving improved operational efficiencies and greater customer satisfaction. We will continue to strengthen our digital financial services offerings to deliver state-of-the-art payment solutions for clients across different industries.”