OxPay ties up with TranSwap to add neobanking to platform

World currencies

OxPay Financial has tied up with global banking-as-a-service platform TranSwap in a move to expand to the U.K. and to add neobanking to its offerings, the Singapore-listed payments player said in a filing to SGX Wednesday.

TranSwap, which has central bank licenses in the U.K., Singapore, Hong Kong and Indonesia, will integrate its neobank technology into OxPay’s existing platform so it can offer products including local and global virtual name bank accounts for clients for collection, payment and currency conversion, and global cross-border payments, and issuance of cards, the filing said.

OxPay said it would roll out global cross-border payment functionality first to provide its merchants access to global multi-currency accounts, with other services to be added progressively.

Under the deal, OxPay said it would expand services to the U.K., citing opportunity from the growing Europe-Asia trade.

OxPay said it has been focusing on servicing merchants in the retail, transportation, and food and beverage industries with merchant payment services and digital commerce enabling services.