OxPay expands into Bhutan with digital payments approval

By Aarav Garg

OxPay Financial Limited has secured regulatory approval to expand its digital payments footprint in Bhutan, after its subsidiary Oxygen7 Pte Ltd was granted a Financial Services Licence by the Gelephu Financial Services Office.

The licence allows Oxygen7 to provide regulated money services within Gelephu Mindfulness City (GMC), a purpose-built financial hub designed to support digital asset innovation.

Chin Mun Chung, Executive Director and Chief Executive Officer of OxPay, said, “The grant of the FSL is a significant milestone in our phased recovery plan, and we are committed to delivering on the promises made to shareholders. Bhutan is where our crypto payment strategy moves from establishment to operation, and with Mr. Peng leading Oxygen7, we have the right person to drive this next phase.”

Under the licence, Oxygen7 will offer merchant payment and business remittance services. The platform is designed to enable businesses to accept global payments across cards, e-wallets and cryptocurrencies, while mitigating exposure to price volatility. It will also support cross-border business payments using stablecoins as a settlement layer, aiming to reduce transaction costs and improve speed compared to traditional banking channels. The company will partner with a crypto payments technology provider and operate on a non-custodial, asset-light model.

To lead the rollout, Oxygen7 has appointed Peng Chun Hsien as chief executive, tasking him with building operational capabilities, expanding merchant acceptance and driving regional growth.

OxPay is initially targeting tourism, hospitality and import-reliant enterprises in GMC, which are segments that typically depend on conventional cross-border payment rails. The move reflects a broader push to modernise payment infrastructure in emerging digital economies, particularly where stablecoin usage is gaining traction.

Peng Chun Hsien, Chief Executive Officer of Oxygen7, said, “GMC is one of the most progressive digital asset jurisdictions in Asia, and Oxygen7 is in a position to be an early mover. My immediate focus is to get the platform to market and onboard the first batch of merchants, while South Asia is where we go next.”

The company expects to launch its integrated payments platform in Bhutan by the fourth quarter of 2026, with plans to extend similar services across neighbouring South Asian markets as demand for faster, digital cross-border payments continues to rise.