Oxpay Financial to raise $2 million via convertible loan from controlling shareholder Ching

Oxpay Financial plans to raise $2 million for working capital via a convertible loan from an entity called Oxley Capital Management, owned by the company's controlling shareholder Ching Chiat Kwong.

Ching now holds a direct interest of 27.85% in the company and is on the board as a non-independent, non-executive director.