Oxford will own 50% of Serenity Investment Holdings Corp, a British Virgin Islands corporation established for the joint venture. Serenity will hold the source codes and intellectual property for the technologies used by the joint venture. It will also implement and administer Oxford’s various electronic payment card solutions, which cover direct banking, direct debit, payroll, stored value, and loyalty card programs.
Through owning the payment processing and e-wallet technology, Oxford expects to generate revenues by providing turnkey payment processing solutions to financial institutions and other organizations that require electronic payment capabilities, and by managing those solutions for them.
This development represents a key component in our growth strategy, stated Michael Donaghy, president and CEO of Oxford. Having the technology in-house will enable Oxford to aggressively pursue and respond to opportunities without the need to depend on third-party providers.
