Worldpay terminates OxPay deal over alleged clause breach
The termination could affect the company's financial standing end-2023.
Worldpay and its subsidiaries has terminated its payment facilitator (PayFac) agreement with OxPay Financial.
In an SGX filing, OxPay said that it was accused of allegedly breached a clause in the agreement that required the company and its merchants not to do anything that could damage the reputation or goodwill of Worldpay.
"There is allegedly an occurrence that materially adversely affects OxPay's ability to meet its current or future liabilities (or potential liabilities) or obligations under the agreement," the filing added.
OxPay said the termination would affect its financial performance and position for FY2023 ending 31 December, although the impact would be on the company's Singapore market.
The company added that they are communicating with Worldpay to understand its concerns and appeal its decision.
In the meantime, OxPay will assist its affected merchants in an orderly exit and seek to grow its business with other acquirers.