OxPay Financial's subsidiary Oxygen7 has been given a financial services licence to provide regulated money services in Bhutan's Gelephu Mindfulness City.
Under terms of this licence, which is given by the Gelephu Financial Services Office, Oxygen7 can provide merchant payment services that enable businesses to accept payments in the form of credit card, e-wallets, and crypto currencies from a global customer base without being exposed to price volatility.
Oxygen7 can also provide business remittance services which cater to business-to-business payment cases by utilising stablecoin as the conduit of transfer for a more cost effective and faster cross-border transfer.
Oxygen7 will work with an established crypto payment technology provider to deliver both services, operating on an asset-light and non-custodial basis.
GMC is a purpose-built special economic zone and an emerging hub for digital finance in South Asia, with regulatory policies designed to support digital asset financial services.
OxPay says its initial target markets in GMC are the tourism and hospitality businesses and enterprises that currently pay oversea suppliers through traditional banking channels, both of which rely on payment and remittance channels that Oxygen7 is built to replace.
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To lead the execution, Oxpay has appointed Peng Chun Hsien as CEO of Oxygen7. Peng was previously with the likes of Visa, Ant Group and Citibank.
Peng calls GMC one of the most progressive digital asset jurisdictions in Asia. "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 says that beyond Bhutan, it plans to extend its integrated crypto payment platform to neighbouring countries and across South Asia. OxPay, citing data from TRM Labs, says that stablecoin transaction volumes in this region reached US$300 billion in the first seven months of 2025.
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Chin Mun Chung, executive director and CEO of OxPay calls the licence "a significant milestone" in the company's "phased recovery plan".
"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," he adds.
OxPay Financial shares closed at 4 cents on April 30, down 4.76% for the day, extending a drop of 20% year to date.
