MC Payment will become the first digital payments service firm listed on the Singapore Exchange (SGX) following the reverse takeover (RTO) of Artivision Technologies on Feb 18.
The company is a Singapore-based online-to-offline (O2O) fintech company with a fully-integrated platform that’s focused on servicing merchants in the retail, transportation and food and beverage industries.
ZICO Capital was the sponsor and financial adviser for the RTO and Evolve Capital Advisory was the financial adviser to Mobile Credit Payment (MCP), a wholly-owned subsidiary of MC Payment.
MCP holds a major payment institution license and is regulated by the Monetary Authority of Singapore (MAS).
The group says the listing takes place at an “opportune” time with the number of digital payments surging in Southeast Asia amid the rise in online and e-commerce transactions.
“Being the first digital payments service firm to be listed on SGX, we intend to take the lead in strengthening this ecosystem. This listing on SGX will provide an excellent platform for MC Payment’s future growth,” says MC Payment’s CEO Anthony Koh.
“We see bright prospects underpinned by the rapid rise of e-commerce, the surge in digitisation, as well as increased access to 5G mobile technology, and growth opportunities in the field of blockchain and AI. Forecasts of a robust growth trajectory for Southeast Asia’s digital consumer population growth also augur well for our future opportunities in this space,” he adds.
Digital payments in Asean are expected to triple to US$1.5 trillion ($2 trillion) by 2030.