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- 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.
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.
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