SINGAPORE 26 January 2021 – Artivision Technologies Ltd. shareholders have approved the proposed reverse takeover (RTO) of electronic payments company, Mobile Credit Payment Pte. Ltd. (“MC Payment”), at an Extraordinary General Meeting in Singapore last Friday. The acquisition is expected to be completed on the 18th 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. Digital payments in ASEAN are expected to triple to US$1.5 trillion by 2030, placing the company in a position to capitalise on significant market growth.
Established in 2005, 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.
“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.
Currently, MC Payment has a presence in four countries – Singapore, Malaysia, Indonesia and Thailand. With digital payments in ASEAN expected to triple to US$1.5 trillion (S$2 trillion) by 2030, the Group is well-placed to capitalise on this significant and growing market opportunity, given its established infrastructure and expanding geographical footprint.