-- OxPay Financial Services (SGX:TVV) subsidiary, Oxygen7, secured a financial services license from the Gelephu Financial Services Office (GFSO) of Bhutan, according to a Sunday filing with the Singapore Exchange.
Shares of the financial services company surged over 10% in Monday morning trading.
The license allows the unit to provide money services in the South Asian country's Gelephu Mindfulness City, covering merchant payment and business remittance.
Peng Chun Hsien was named as Oxygen7's chief executive officer to lead the build-out of its operational infrastructure, merchant acquisition and expansion in South Asia.