Mobile Credit Payment is to become the first fintech company listed on the Singapore Exchange, through a reverse takeover of special purpose acqusition company Artivision Technologies.
With the expected completion of the acquisition on 18 February 2021, Artivision will be renamed MC Payment Limited, and is set to become the first listed digital payments services firm on the SGX-ST.
Established in 2005 and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019, MC Payment holds a major payment institution licence and is a Singapore-based, online-to-offline financial services technology company with a focus on servicing merchants in the retail, transportation and food and beverage industries.
MC Payment's listing comes at an opportune time, with digital payments surging in Southeast Asia amidst the rise in online and e-commerce transactions, in light of safe-distancing measures imposed over the Cocid-19 outbreak.
Currently, MC Payment has a presence in four countries - Singapore, Malaysia, Indonesia and Thailand - with ambitions to become a regional player. W
MC Payment CEO, Anthony Koh says future growth avenues for the Group include penetrating new geographical markets through mergers and acquisitions, joint ventures and/or franchises, as well as rolling out new value-added services for merchants.
"We're expecting a robust growth trajectory for the Southeast Asian payments industry, following a surge in digitisation, spurred by increased access to 5G mobile technology, blockchain and AI, coupled with the rapid rise of e-commerce," he says. "We look forward to an exciting future in the digital payments industry, one that is filled with immense possibilities and opportunities."