28/11/2025
Gelephu Mindfulness City announces that OxPay Financial Limited (SGX: TVV) (“OxPay”) has received in-principle approval (“IPA”) from the Gelephu Financial Services Office (“GFSO”) to offer regulated money services within GMC. This development reinforces GMC’s commitment to nurturing a dynamic, innovation-driven financial ecosystem, particularly in the fields of digital payments and blockchain-enabled services.
Under the forthcoming Financial Services Licence, OxPay intends to establish a wholly owned subsidiary in GMC (“GMC-based Subsidiary”) to deliver a suite of fiat and crypto-enabled payment solutions designed for forward-looking businesses across Bhutan and the broader region. The move aligns seamlessly with GMC’s strategy to promote responsible digital asset innovation and position the city as a blockchain-centred global financial hub.
Driving Digital Payments Innovation in GMC
Pending the fulfilment of final regulatory conditions, OxPay’s GMC-based Subsidiary will introduce:
● Merchant payment acceptance across credit card, e-wallet, and cryptocurrency channels.
Businesses will be able to accept diverse payment methods from global customers without exposure to crypto price volatility, thanks to OxPay’s integrated conversion framework.
● Stablecoin-powered B2B remittance services
The company will offer cost-effective and faster cross-border transfers, using stablecoins as the underlying settlement conduit.
These innovations contribute directly to GMC’s goal of building a secure, transparent, and efficient digital payments environment supported by responsible blockchain deployment.
A Fully Non-Custodial, Scalable Model
The GMC-based Subsidiary will operate a fully non-custodial model, initiating crypto conversions and transfers while ex*****on is handled by OxPay’s enterprise-grade blockchain partners on a per-transaction basis. To reinforce compliance and operational resilience, the company will integrate leading blockchain intelligence tools and deploy cloud-native backend systems.
This asset-light structure supports sustainable scalability within Bhutan and sets the foundation for regional expansion into surrounding Asian markets.
Rapid Growth in Digital Asset Adoption Across South Asia
Global crypto-related activity continues to accelerate. According to industry reports:
• The cryptocurrency market is projected to reach USD 3.7 billion in 2025, rising to USD 12.1 billion by 2035 at a CAGR of 12.6%.
• South Asia led global adoption growth in 2025, with India and Pakistan recording an 80% surge, generating approximately USD 300 billion in transaction volume between January and July.
OxPay’s expansion aligns with GMC’s broader strategy, which includes the recent recognition of select cryptocurrencies as part of Bhutan’s strategic reserves—a reflection of the kingdom’s long-term digital asset ambitions.
GMC emphasises that the formal issuance of the Financial Services Licence will occur only upon full completion of remaining pre-conditions to the GFSO’s satisfaction. There is no certainty that the Licence will be granted. Shareholders and potential investors should review OxPay’s official announcements thoroughly and seek professional advice where appropriate.
Gelephu Mindfulness City
