Singapore promotes digital monetary gifts, facilitating the gift-giving tradition in the Lunar New Year Digital economy set to make up 30 percent of Vietnam’s GDP by 2030 Tax from online ads on Facebook, Google in Vietnam hits US$42.8 million

Established in 2005 and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019, MC Payment holds a major payment institution licence and is a Singapore-based, online-to-offline (O2O) financial services technology company with a fully integrated platform and with a focus on servicing merchants in the retail, transportation and food and beverage industries.

The proposed acquisition of MC Payment is expected to be completed on 18 February 2021. ZICO Capital is the Sponsor and Financial Adviser in respect of the Proposed RTO and Evolve Capital Advisory is the financial adviser to MC Payment.

The Company is of the view that MC Payment's listing comes at an opportune time, with digital payments surging in Southeast Asia amidst the rise in online and e-commerce transactions, in light of safe-distancing measures imposed by respective government and general public's concerns over the COVID-19 outbreak. The Group retains a competitive edge with its accessibility, omni-channel unified commerce capabilities and ability to leverage on its platform for additional business enhancing value-added services, leveraging on its position as one of the few licensed payment providers with a regional presence and a scalable payment infrastructure.

Currently, MC Payment has a presence in four countries - Singapore, Malaysia, Indonesia and Thailand - with ambitions to become a regional player. With digital payments in ASEAN expected to triple to US$1.5 trillion (S$2 trillion) by 2030[1], the Group is well-placed to capitalise on this significant and growing market opportunity, given its established infrastructure and expanding geographical footprint.

Future growth avenues for the Group include penetrating new geographical markets through mergers and acquisitions, joint ventures and/or franchises, developing new technology and other payment solutions, as well as rolling out new value-added services for merchants, to boost customer retention and expand its customer base.

"We're expecting a robust growth trajectory for the Southeast Asian payments industry, following a surge in digitisation, spurred by increased access to 5G mobile technology, blockchain and AI, coupled with the rapid rise of e-commerce. We look forward to an exciting future in the digital payments industry, one that is filled with immense possibilities and opportunities," said MC Payment Chief Executive Officer, Anthony Koh.

Vietnam’s digital development among fastest in the world Vietnam is ranked fifth in the world for digital evolution momentum by the 2020 Digital Intelligence Index (DII).

Three Vietnamese among Forbes list of Asia's 100 most influential digital stars Comedian Tran Thanh, singers Chi Phu and Dong Nhi are three Vietnamese celebs listed on Forbes Asia’s 100 Digital Stars together with series of prominent ...

"Check-in" tourism digital transformation awakens Lai Chau's "treasure" Sin Ho is considered a “treasure” of the northern Lai Chau province. This place has not been exploited for tourism purposes; hence, its pristine beauty ...