MC Payment Is the First Digital Payments Service Firm to be Listed on SGX
MC Payment Limited has become the first digital payments services firm to be listed on SGX, after the successful completion of the RTO of Artivision Technologies Ltd on 18 February 2021.
Established in 2005 and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019, Mobile Credit Payment Pte. Ltd. (a wholly-owned subsidiary of MC Payment) holds a major payment institution licence. It is a Singapore-based, online-to-offline financial services technology company, with a fully integrated platform and a focus on servicing merchants in the retail, transportation and food and beverage industries.
ZICO Capital Pte. Ltd. was the Sponsor and Financial Adviser in respect of the RTO, while Evolve Capital Advisory was the financial adviser to MCP.
MC Payment believes its listing takes place at an opportune time, with digital payments surging in Southeast Asia amidst the rise in online and e-commerce transactions. This follows the implementation of safe-distancing measures by respective governments and public health concerns in the wake of the Covid-19 pandemic. The Group keeps a competitive edge with its omni-channel, unified commerce capabilities, leveraging on its position as one of the few licensed payment providers with a regional presence and scalable payment infrastructure.
Currently, MC Payment has a presence in four countries—Singapore, Malaysia, Indonesia and Thailand—with ambitions to become a regional player. Future growth avenues for the Group include penetrating new geographical markets through mergers and acquisitions, joint ventures and/or franchises, developing new technology and other payment solutions, as well as rolling out new value-added services for merchants, to boost customer retention and expand its customer base.
“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. We see bright prospect 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,” said Chief Executive Officer of MC Payment, Mr Anthony Koh.
With digital payments in ASEAN expected to triple to US$1.5 trillion (S$2 trillion) by 20301, the Group believes it is well-placed to capitalise on this significant and growing market opportunity, given its established infrastructure and expanding geographical footprint.
Mr Levin Lee, a fund manager with Ace Peak Capital Group commented as follows: “The industry’s robust prospects in the region are well-documented. As a seasoned investor with investments in the region including Singapore, Hong Kong, Malaysia, and Thailand, we see immense potential in the digital payments space.”