expresspay, payment center, otc, counter

Corporate Profile

Expresspay, Inc. (the “Company” or “XP”), an aggregator operating in the Philippines, was incorporated and registered with the SEC on April 12, 2011, with the primary purpose of providing information technology solutions to banks, financial institutions and other entities, involving electronic fund transactions such as remittances of local and foreign funds, electronic fund transfers, credit and debit transactions, and other electronic commercial transactions of similar nature. Through its user-friendly proprietary system, E-Payment System, and its nationwide network of Franchisee Outlets, the Company provides access to financial and non-financial services to communities across the Philippines, especially those in the unbanked sector.

It commenced operations in November 2011 with a pilot launch of four (4) Franchisee payment centers – Cabanatuan, Nueva Ecija; Talavera, Nueva Ecija; Baler, Aurora province; and Cabarroguis, Quirino province – offering prepaid load and bills payment services. The Company secured its remittance license from the Bangko Sentral ng Pilipinas in January 2012 and launched its travel/tour and courier services in August 2012. In July 2013, the Company launched its proprietary XPLOAD software, a universal prepaid load mobile application (“mobile app”) which allows the users to transfer prepaid load credits of any of the existing telecommunication (“telco”) providers of mobile phone services, i.e. SMART, SUN and GLOBE. In 2015, XP further expanded its portfolio of products and services when it partnered with FPG Insurance to act as a Distribution Channel of FPG’s personal accident insurance product.

In 2015, the Company received the Golden Globe Award for Business Excellence as the Best Payment Center Franchise based on a consumer survey and market research conducted by the National Data Research & Marketing Service Inc., on a 6-point criteria covering business innovativeness, product or service quality, fair value pricing, concern for customers, good company reputation/image and great working environment for its employees. This award was given under a joint undertaking of Golden Globe Awards Council, National Data Research & Marketing Services, Inc., Philippine Best Inc., SINAG News Magazine and SINAG Foundation Inc.

The registered office address of the Company was located at Unit 803, Jafer Place, 19 Eisenhower St., Greenhills, San Juan City. On June 18, 2015, the Board of Directors (BOD) approved the change in the Company’s office address to Unit 605 Jafer Place, #19 Eisenhower St., Greenhills, San Juan City. This was approved by the SEC on March 10, 2016.

On April 30, 2016, with the approval of a majority of its Board of Directors and stockholders owning more than two-thirds of the Company’s outstanding capital stock, the Company changed its primary purpose to allow it to expand its business to, among others, (i) developing and providing financial and mobile technology solutions for banks, electronic money issuers (EMIs), other financial institutions, cooperatives, and the general public engaged in transactions involving electronic money, electronic reloading, fund transfers, ticketing, bills payment, courier and other similar commercial transactions, (ii) act as cash-in, cash-out agent for its partner financial institutions and the latter’s clients, (iii) act as a collecting and/or receiving agent for the payment of services, including but not limited to utilities, cable, and internet, telecommunications, credit cards, and loans.