OxPay Financial has secured a Financial Services Licence (FSL) in Bhutan for its wholly owned Oxygen7 subsidiary, which plans to launch a regulated crypto payment platform in 2026.
The licence was granted by the Gelephu Financial Services Office, after Oxygen7 met the conditions tied to its November 2025 in-principle approval.
It allows Oxygen7 to provide merchant payment and business remittance services to companies in Gelephu Mindfulness City (GMC).
Businesses will be able to accept credit card, e-wallet and cryptocurrency payments from international customers without direct exposure to price volatility.
Oxygen7 will also use stablecoins for business-to-business cross-border transfers.
The services will be delivered with a crypto payment technology provider on an asset-light and non-custodial basis.
The company will initially target tourism and hospitality firms, as well as companies that pay overseas suppliers through traditional banking channels.
OxPay has also appointed Peng Chun Hsien as CEO of Oxygen7.
He has more than 25 years of payments experience, including senior roles at Visa, Ant Group and Citibank.
Peng, 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.”
OxPay expects to launch the platform in the fourth quarter of 2026, with earnings contribution expected after that.
Chin Mun Chung, Executive Director and CEO 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.”
Featured image: Edited by Fintech News Singapore, based on image by watercolor_vect via Magnific
