OxPay's Bhutan subsidiary Oxygen7 secures full payment licence and appoints payments veteran Peng Chun Hsien as CEO.

OxPay Financial Limited’s wholly owned Bhutan subsidiary, Oxygen7 Pte Ltd, has received a full Financial Services Licence (FSL) from the Gelephu Financial Services Office (GFSO), allowing it to operate regulated money services in Gelephu Mindfulness City (GMC), Bhutan. The licence, granted on 29 April 2026 after Oxygen7 fulfilled all conditions tied to an in‑principle approval issued in November 2025, authorises the firm to provide two core services to businesses in the GMC special economic zone: merchant payment services and business remittance services. Under the FSL, Oxygen7 can enable merchants in GMC to accept credit card, e‑wallet and cryptocurrency payments from a global customer base while shielding them from direct crypto price volatility, likely via real‑time conversion or a non‑custodial flow where a partner handles crypto execution. For cross‑border B2B payments, Oxygen7 will offer remittance services using stablecoins as the transfer conduit, aiming to reduce cost and settlement time compared with traditional correspondent banking channels. The platform will run on an asset‑light, non‑custodial model in partnership with a crypto payments technology provider, initially targeting sectors like tourism and hospitality and businesses that frequently pay overseas suppliers. At the same time, OxPay has appointed Peng Chun Hsien as CEO of Oxygen7. Peng is described as a payments industry veteran with more than 25 years’ experience, including senior leadership roles at Visa, Ant Financial/Ant Group, and Citibank, and he is tasked with building the Bhutan payments platform, driving merchant acquisition and leading OxPay’s broader South Asia expansion strategy. OxPay expects the integrated payment and remittance platform in GMC to launch in Q4 2026, with financial contributions to group earnings anticipated thereafter. The move positions OxPay as an early regulated player in Gelephu Mindfulness City’s emerging fintech and digital asset ecosystem, aligning with Bhutan’s efforts to use the special zone as a hub for innovative, cross‑border financial services. "entities":["OxPay Financial Limited","Oxygen7 Pte Ltd","Oxygen7 (Bhutan subsidiary)","Gelephu Mindfulness City (GMC)","Gelephu Financial Services Office (GFSO)","Peng Chun Hsien","Visa","Ant Financial","Ant Group","Citibank","Bhutan"]}`json {

✨ AI-generated background, compiled from web sources — not editorial content.

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