Oxygen7 Secures Full Payment Licence in Bhutan’s Gelephu Mindfulness City

• Oxygen7 Pte Ltd secured a Financial Services Licence (FSL) from the Gelephu Financial Services Office on April 29, 2026, following completion of all pre-conditions from its November 2025 in-principle approval.
• The licence enables Oxygen7 to offer regulated merchant payment services that accept credit cards, e-wallets, and cryptocurrencies, as well as stablecoin-based cross-border business remittances within Gelephu Mindfulness City.
• OxPay has appointed Peng Chun Hsien as chief executive of Oxygen7, drawing on his more than 25 years of payments experience at Visa, Ant Group, and Citibank, with the platform targeting a Q4 2026 launch and broader South Asia expansion.

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Singapore-listed OxPay Financial’s wholly-owned subsidiary Oxygen7 received a full Financial Services Licence (FSL) from Bhutan’s Gelephu Financial Services Office on April 29, 2026, clearing the final regulatory hurdle to launch a crypto-enabled payments platform in the Himalayan kingdom’s Gelephu Mindfulness City (GMC).

The licence follows the completion of all pre-conditions tied to an in-principle approval granted in November 2025. GMC is a purpose-built special economic zone that Bhutan positions as a digital finance hub for South Asia, with a regulatory architecture explicitly designed to support digital asset financial services. The approval places OxPay inside one of the region’s few regulated crypto payment jurisdictions at an early stage of its development.

What the Licence Covers

Under the FSL, Oxygen7 can provide merchant payment services and business remittance services to companies inside GMC. Businesses will be able to accept credit card, e-wallet, and cryptocurrency payments from international customers without direct exposure to price volatility. The second service line uses stablecoins as the transfer rail for business-to-business cross-border payments, targeting companies that currently route international supplier payments through traditional banking channels.

Oxygen7 will work with an established crypto payment technology provider to deliver both services, operating on an asset-light and non-custodial basis. OxPay’s initial merchant targets inside GMC are tourism and hospitality operators, a sector that receives global visitors but depends on payment infrastructure that Oxygen7 is designed to replace.

Leadership and Timeline

To execute the build-out, OxPay has appointed Peng Chun Hsien as CEO of Oxygen7. Peng brings more than 25 years of payments experience, including senior roles at Visa, Ant Group, and Citibank, covering merchant acquiring, cross-border payments, financial institution partnerships, and digital payments.

“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,” Peng said.

The payment platform is scheduled for launch in Q4 2026, with earnings contribution anticipated thereafter.

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South Asia Expansion in Sight

Beyond Bhutan, OxPay intends to extend its integrated crypto payment platform to neighbouring countries and across South Asia, a region where stablecoin transaction volumes reached US$300 billion in the first seven months of 2025, up over 80% year on year, according to data from TRM Labs. India and Pakistan rank among the fastest-growing crypto adoption markets globally, making the regional opportunity a concrete commercial target for Oxygen7’s stablecoin remittance product.

The licence also carries significance for OxPay’s corporate recovery narrative. 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.”

OxPay Financial shares closed at 4 cents on April 30, down 4.76% for the day, extending a decline of 20% year to date. The platform launch in Q4 and any early merchant onboarding will be the near-term catalysts that the market watches. As stablecoin payment infrastructure spreads across South Asia, Bhutan’s willingness to license early-stage operators inside GMC could draw more fintech entrants to the zone in the months ahead.

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Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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