Mobile Credit Payment will become the first fintech company to be listed on the Singapore Exchange.

This will be done through a reverse takeover of special purpose acquisition company Artivision Technologies, it said. Artivision Technologies Limited shareholders on January 22 approved the proposed takeover at an Extraordinary General Meeting (EGM) and expects completion of the acquisition on 18 February 2021.

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 financial services technology company with a focus on servicing merchants in the retail, transportation and food and beverage industries.

MC Payment’s listing comes at a time when digital payments are witnessing a blowout in South Asia, as consumers increasingly have started using this channel to transact, in the aftermath of COVID-19 pandemic. Digital payments in ASEAN region is expected to triple to $1.5 trillion by 2030.

Currently, MC Payment has a presence in four countries – Singapore, Malaysia, Indonesia and Thailand – with ambitions to become a regional player. MC Payment CEO, Anthony Koh is of the view that future growth avenues for the Group include penetrating new geographical markets through mergers and acquisitions, joint ventures and/or franchises, as well as rolling out new value-added services for merchants.

“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,” he had said.

Subsequently, Artivision will be renamed MC Payment Limited, and is set to become the first listed digital payments services firm on the SGX-ST.