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.”

KUALA LUMPUR (April 12): LYC Healthcare Bhd has proposed a private placement of up to 10% of its issued shares to raise as much as RM10.3 million to finance its business expansion and working capital.

Up to 46.45 million placement shares will be issued to third party investors to be identified later at a price to be determined later, the healthcare service provider said in a bourse filing.

Based on an indicative issue price of 22.17 sen per placement share, the exercise is expected to raise gross proceeds of up to RM10.3 million, of which RM5.22 million is earmarked for business expansion and RM5 million for working capital.

“The proceeds raised from the proposed private placement shall be utilised to partly or fully finance any suitable and viable potential businesses/investments, which may include but not limited to investments in healthcare or assets to facilitate the group’s expansion in the healthcare industry,” said LYC.

The group said the private placement is expected to be completed by the second quarter.

LYC’s share price finished unchanged at 25 sen on Tuesday (April 12), bringing a market capitalisation of RM116.13 million.

This article originally appeared on The Edge Markets.

Singapore-based Meyzer Group was recently recognised at the 70th anniversary of the 1000 Enterprises for Children-In-Need and 1000 Philanthropists Appreciation Event 2022 for the company’s contributions to the Singapore Children’s Society. The event took place on 23 March at PARKROYAL on Beach Road.

Chairman of Meyzer Group, Mr Koh Choon Hui and the company’s CEO took to the stage with Guest-of-Honour Mr Teo Chee Hean — the Senior Minister and Coordinating Minister for National Security and Patron of the Programmes.

Julian also accepted the Leading Philanthropist certificate on behalf of the Meyzer Group’s founder, Max Goh. Max was recognised as a top patron and ambassador of the Singapore Children’s Society.

SINGAPORE, March 14, 2022 – OxPay Financial Limited (SGX: TVV) (“OxPay” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that it has partnered TripleA, a cryptocurrency exchange holding a digital payment token license in Singapore, to offer local merchants the option of accepting payments in cryptocurrencies and receive settlement in fiat currencies. This will allow customers to shop and to spend their cryptocurrencies on their favorite brands.

The joint service between OxPay and TripleA, targeted for launch first in Singapore between mid-May and June this year, will eventually be rolled out wherever OxPay and TripleA are operating. OxPay currently has a presence in Singapore, Malaysia, Thailand and Indonesia.

Founded in 2017 by mobile and payments entrepreneur Eric Barbier, TripleA currently operates in Singapore, with a presence in Hong Kong, the United States, South Africa and Europe. It was awarded its digital payment token license by the Monetary Authority of Singapore in November 2021. With its easy setup, highly competitive exchange rate and no-chargebacks payment system, TripleA helps businesses to boost their revenue by accessing the growing cryptocurrency community.

Cryptocurrency is steadily becoming a mode of payment in online purchases, with multinationals like Mastercard, Microsoft, Starbucks and Shopify accepting crypto payments. Along with the growth in the market capitalization of cryptocurrencies like Bitcoin, consumers are increasingly turning to crypto as a mode of payment.

A recent survey by cryptocurrency exchange Crypto.com and payment processing firm Worldpay FIS found that 75% of consumers and 60% of merchants want to transact in cryptocurrency. However, with only 4% of surveyed merchants accepting cryptocurrency as a method of payment today, there is a significant gap to fulfilling this customer demand. With limited or no opportunity to conduct direct transfers from consumer to merchant cryptocurrency wallets today, customers are typically forced to convert cryptocurrency to fiat currencies before making purchases, the report noted.

Mr. Henry Tan, Managing Director of OxPay said, “Cryptocurrency payment acceptance, an emerging option for many merchants and businesses, is gaining ground. We are honoured to partner with TripleA to support cryptocurrency transactions, as a means to meet the growing needs of both merchants and consumers in this space. OxPay will continue to embrace next-generation and cutting-edge technologies to stay ahead of the curve in the constantly evolving payments industry, so as to enhance our
merchants’ experience with us.”

OxPay is focused on servicing merchants in the retail, transportation, and food and beverage industries. Its wholly owned subsidiary, OxPay SG Pte. Ltd. (formerly known as MC Pay Pte. Ltd.), which was 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.

KUALA LUMPUR, MARCH 1 — Kenanga Investment Bank Bhd (KIB), via its wholly-owned unit Kenanga Investors Bhd, is taking up a 25% stake in LYC Healthcare Bhd’s Singapore unit that is considering listing its healthcare business on the Singapore Exchange (SGX).

Kenanga Investors inked a conditional sale and purchase agreement on Tuesday with LYC Medicare Sdn Bhd to acquire the stake, which represents 6.53 million shares in LYC Medicare (Singapore) Pte Ltd (LYC SG), for S$12.9 million (equivalent to RM39.9 million), cash. LYC Healthcare will hold the remaining 75% stake in LYC SG post-divestment.

KIB is the largest shareholder of LYC Healthcare with a 17.72% stake held via Kenanga Investors (6.46%) and Kenanga Islamic Investors (10.75%), according to Bloomberg data. The second largest is LYC Capital Sdn Bhd with 11.93%.

In a statement, LYC Healthcare said the disposal set a pre-money valuation for LYC SG at S$51.67 million (approximately RM159.7 million), which represents an almost doubling of LYC SG’s valuation in less than two years.

LYC SG is considering listing its healthcare business on the Catalist Board of the SGX, and ZICO Capital Pte Ltd has been appointed its full sponsor for the proposed listing.

“The proposed listing, which is still at a preliminary stage at this juncture, is subject to, amongst others, satisfactory due diligence and assessment of suitability for listing by LYC SG’s professional advisers, approvals being obtained from the relevant authorities in Singapore and Malaysia (where required), as well as the shareholders of LYC Healthcare at a general meeting to be convened. In addition, the proposed listing is subject to assessment of other factors such as general economic and capital market conditions,” LYC Healthcare said.

LYC Healthcare said Kenanga Investors has, at its invitation, agreed to participate and commit as the pre-initial public offering (IPO) investor for LYC SG’s proposed listing.

“As an anchor investor prior to the IPO, Kenanga Investors provides an external validation to the group’s proposed listing ambition, which can help to mitigate the risks of an IPO by building other investors’ confidence in LYC SG, as well as supporting the benchmark IPO valuation and in turn potentially driving a higher total shareholder return,” said LYC Healthcare.

Meanwhile, the divestment provides the group an immediate opportunity to unlock and realise the value of LYC SG, as well as provide a surplus cash flow of S$12.92 million (equivalent to RM39.93 million) to the group.

“The proceeds arising from the proposed divestment will enable the group to settle the partial redemption of its outstanding RPS (redeemable preference shares) of RM30 million, which is expected to result in dividend rate saving ranging from RM2.7 million to RM2.85 million per annum, as means to reduce its indebtedness and financing cost and in turn reposition the group towards a better financial footing moving forward,” said LYC Healthcare.

A portion of the proceeds has been earmarked for business expansion, which LYC Healthcare said will enable it to capitalise on suitable and viable investment opportunities in the provision of healthcare and healthcare-related businesses.

LYC Healthcare shares ended half a sen or 2% lower at 24.5 sen, giving the group a market capitalization of RM113.81 million.

This article was originally published in The Edge Markets.

SINGAPORE, February 16, 2022 — OxPay Financial Limited (SGX: TVV) (“OxPay” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that it is expanding its businesses to the United Kingdom, and adding neobanking to its platform which will enable merchants to receive international payments and gain easier access to the global market at cost-effective rates.

The Company has partnered with TranSwap, a global banking-as-a-service platform with multiple central bank licenses across the United Kingdom, Singapore, Hong Kong, and Indonesia. TranSwap will integrate its neobank technology stack into the Company’s existing platform. With this partnership, OxPay will offer neobanking products such as the issuance of local and global virtual name bank accounts to clients for collection, payment and conversion of currencies, and global cross-border payment and issuance of cards. The neobanking services will be rolled out progressively, starting with global cross-border payment service, thereby providing OxPay merchants access to global multi-currency accounts. This will allow OxPay merchants to make payments to over 180 countries in 120 currencies as well as receive payments from 57 countries and store up to 34 currencies at any one time. Following this partnership, OxPay intends to expand its services to the United Kingdom, a leading global financial centre. As Europe-Asian trade continues to grow, the Company sees an opportunity to become a leading player in the global payment space.

Mr. Henry Tan, Managing Director of OxPay said, “We want our customers to gain easier access with transacting and banking digitally, as well as to help them harness the full potential of the rapidly changing digital payment space. Partnering with TranSwap is expected to boost the Group’s financial inclusion strategy. The global neobanking transaction value is expected to exceed US$3.9 trillion in 2022. This development is also a part of our strategy to expand our geographical footprint. We continue to embrace new technologies to meet the needs of this fast changing industry and enhance our merchants’ experience with us”.

OxPay is focused on servicing merchants in the retail, transportation, and food and beverage industries. Its wholly owned subsidiary, OxPay SG Pte. Ltd. (formerly known as MC Pay Pte. Ltd.), which was 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.

OTSAW is proud to announce its official launch on 11^th February 2021, collaborating and partnering with NTUC FairPrice, IMDA, CM Logistics, HDB, URA, LTA and DHL to commence the trial of its autonomous last-mile delivery robot called Camello in Oasis Terraces at Punggol Drive for a one-year duration to provide on-demand parcel and grocery Delivery.

The event was graced by Pasir Ris – Punggol GRC MP Yeo Wan Ling and Dr Janil Puthucheary, Senior Minister of State, Ministry of Communications and Information, Ministry of Health Government Whip, and vice-chairmen of Pasir Ris-Punggol Town.

This exciting program is the first of its kind to learn and assess consumer habits, needs, requests, feedback, and comments including the increasing aging population coupled with a shrinking workforce that will ultimately be unable to sustain expanding volume of deliveries. The trials main aim is to assess:

• Technologies such as AI for autonomous navigation, obstacle detection and avoidance;
• Infrastructure such as communications systems and road networks (including connectivity and slopes); and
• Business models for commercial viability.

OTSAW aims to deliver sustainable processes and systems that utilize robotics to scale up amidst labour shortages without compounding to global pollution and ultimately solving pressing issues such as carbon footprint.

What is last-mile delivery and its challenges?

Last mile delivery is the final step in transporting an item from one central location (or delivery hub) to the purchaser’s location. In this “last mile,” one of the biggest challenges is customer satisfaction and establishing brand loyalty from lowered costs, same-day deliveries and accuracy. The industry challenge includes increasing parcel volumes, expediting deliveries, cutting multiple stops, and reducing traffic congestion to name a few.

The particular delivery sector affects a multitude of businesses including couriers, third-party logistics companies, direct-to-consumer retail companies, home businesses, food delivery, supermarkets offering delivery, department stores offering delivery, florists, restaurants, pharmacies and the ever increasing e-commerce industry.

Ageing population

As the older population comes to grips with transitioning to digitalization, ordering items online has certainly helped them in labor-intensive and repetitive situations which require not only time but the potential from injury due to carrying heavier parcels.

Without having to queue, this also relieves the crowding scenario while reducing the waiting time for all parties. With the arrival of the global pandemic last year, minimizing crowds in shopping malls and various public venues requiring one-on-one contact has become a top priority, which has expedited the push to more digitalization.

Lowering costs

One primary issue brought to light through initial conversations with the residents at Oasis Terrace is the question of additional fees listed for deliveries which may pose as a deterrent for residents to choose the last-mile delivery system.

Prices will directly increase with an increase for manpower to deliver an expanding volume of multiple items individually ranging from small handheld items or bulky food deliveries.

Furthermore, the growing concern of mobilizing additional petrol/diesel vehicles throughout this island state is becoming a focal point for more and more governing bodies.

OTSAW is dedicated to lowering these last-mile delivery costs on both sides for the vendor and the client. Optimizing these costs has become a necessity as the ballooning figures have already begun to affect respective logistics companies and their ability to stay competitive.

Fifty-three percent of shipping costs actually originate from the last-mile delivery sector which cut significantly into the revenue stream.

Sustainability

Delivering an assortment of packages to various destinations around town and to the heartlands on highways and local roads equates to increased stop and starts while adding to  traffic congestion, more idling, downtime and fuel usage inefficiency.

Even when surges in deliveries are not the culprit, the high number of failed deliveries comprise a significant portion of inefficiencies in existing last-mile delivery business models.

A failed delivery could originate from the customer not expecting a delivery with no prior notification, the customer unable to stay home due to late delivery, no convenient options of delivery scheduling, and lastly, an incorrect address for the recipient.

The delicate balancing act between profit margins and customer satisfaction has not been easy to maintain, and OTSAW understands that mobile apps will be even more prominently featured in the near future to ensure live ETA tracking and fewer failed deliveries. This will also mitigate concerns of vehicle capacity, varying customer availability, vehicle capabilities (like refrigeration), and vehicle schedules.

In summary, OTSAW’s objective of implementing last mile delivery robotics logistics is to deliver all packages affordably, in the shortest amount of time, and as accurately as possible while monitoring order status and eradicating failed deliveries.  Ultimately, this directive will boost overall productivity, lower existing overhead and, of course, shipping fees to the customer.

 

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The Future Of Last-Mile Delivery Has Arrived In Singapore