Source: Media Outreach
To become first digital payments service provider listed on SGX
RTO of Catalist-listed Artivision Technologies Ltd. approved at EGM with expected completion on 18 Feb 2021
Artivision Technologies Ltd. will be renamed to MC Payment Limited
Well-positioned to capitalise on ASEAN’s booming digital payments market
SINGAPORE – Media OutReach – 26 January 2021 – Artivision Technologies Ltd. (SGX:5NK) (“Artivision”, the “Company” or the “Group”) shareholders approved the proposed reverse takeover (RTO) of electronic payments company, Mobile Credit Payment Pte. Ltd. (“MC Payment”), at an Extraordinary General Meeting (EGM) in Singapore last Friday. With the expected completion of the acquisition on 18 February 2021, Artivision will be renamed MC Payment Limited, and is set to become the first listed digital payments services firm on the SGX-ST.
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.
[1] This information was extracted from a media release entitled “Digital payments in Asean to triple to US$1.5t by 2030: report” published by The Business Times on 16 October 2020, which can be accessed at: https://www.businesstimes.com.sg/asean-business/digital-payments-in-asean-to-triple-to-us15t-by-2030-report#:~:text=DIGITAL%20payments%20in%20Asean%20are,Global%20Research%20Asean%20Next%20report., data accessed on 26 January 2021.
This press release prepared by MC Payment. (the “Company”) does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this press release in any jurisdiction in contravention of applicable law. Persons requiring advice should consult their stockbroker, bank manager, solicitor, accountant or other independent financial consultant.
This press release should not be relied upon as a representation of any matter that an advisor or potential investor should consider in evaluating the Company. The Company and its related bodies corporate or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements or representations contained in this press release, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this press release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward looking statements. The Company makes no representation or warranty, express or implied, as to or endorsement of the accuracy or completeness of any information, statements or representations contained in this press release with respect to the Company.
It is acknowledged that the Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this press release except as required by law or by any appropriate regulatory authority.
– Published and distributed with permission of Media-Outreach.com.
