Singapore-listed OxPay Financial has secured a financial services license for its Bhutan subsidiary, Oxygen7, allowing the company to move ahead with a crypto-enabled payments platform in Gelephu Mindfulness City.
The license, granted by the Gelephu Financial Services Office on April 29, authorizes Oxygen7 to provide merchant payment services and business remittance services in the special economic zone.
The approval follows an in-principle clearance received in November 2025.
Oxygen7 plans to offer merchants the ability to accept credit card, e-wallet, and cryptocurrency payments from international customers without direct exposure to crypto price volatility.
It also intends to provide business remittance services using stablecoins as a transfer rail for cross-border payments.
The company said the platform will operate on an asset-light and non-custodial basis, supported by an established crypto payment technology provider.
Its initial target customers include tourism and hospitality operators in Gelephu Mindfulness City, as well as businesses paying overseas suppliers through traditional banking channels.
The move gives OxPay a regulated foothold in an emerging digital finance jurisdiction as stablecoin-based payment models gain traction across Asia.
The company cited data from TRM Labs showing that stablecoin transaction volumes in South Asia reached $300 billion in the first seven months of 2025, up more than 80% year on year.
OxPay has appointed Peng Chun Hsien as chief executive of Oxygen7 to lead the commercial rollout.
Peng has more than 25 years of payments experience, including senior roles at Visa, Ant Group, and Citibank, covering merchant acquiring, cross-border payments, financial institution partnerships, and digital payments.
OxPay said its immediate priority is to establish and launch the Bhutan platform in the fourth quarter of 2026, with earnings contribution expected after launch.
The company also plans to expand the model into neighboring South Asian markets.
The license marks a key step in OxPay’s attempt to reposition its payments business around digital assets and cross-border commerce.
However, execution will be critical. The platform remains pre-launch, merchant adoption is still untested, and stablecoin-based payments continue to face close regulatory scrutiny in many markets.
OxPay currently provides merchant payment and digital commerce services across Singapore, Malaysia, Indonesia, and Thailand.