MC Payment's newly-elected independent director is named managing director

CATALIST-LISTED MC Payment is making a recently appointed independent director its new managing director, the firm disclosed in a filing on Tuesday.

Tan Chee Keong, 45, will become managing director on Wednesday, less than a month after joining as non-executive independent director on June 30.

He was among the new directors proposed by controlling shareholder Ching Chiat Kwong, the chairman of MC Payment and also chairman and chief executive of developer Oxley Holdings.

Meanwhile, another Oxley-linked individual is set to take over as chief financial officer (CFO) of MC Payment. He is Ng Kok Peng, who was financial controller of Oxley from 2010 to 2014 before stints at Ley Choon Group Holdings and KTL Global. Now CFO of Tee International, he joins MC Payment on Aug 19.

Mr Ng, 41, replaces Madeline Sam, who is serving a six-month notice period, after citing health issues for her resignation.

MC Payment shareholders had elected Mr Tan and four new other directors, including Mr Ching, at an extraordinary general meeting at the end of last month.

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Ahead of the vote, Mr Tan's appointment to the board of MC Payment was opposed by the nominating committee at the time, which took aim at his level of experience and familiarity with corporate rules.

But listing sponsor Zico Capital said in a circular then that the board participation of Mr Tan, who has held cards- and payments-related positions in international financial services firms, "would provide opportunity for greater diversity of views and robust discussions on strategy and future plans of the company in the fintech industry".

MC Payment's six-man board has now said in its latest bourse filing that it believes Mr Tan has the experience and capability to helm group's strategic direction, marketing efforts and technical operations.

He will step down from his position on the board's remuneration committee. Non-executive, non-independent director Harry Ng will take his place.

MC Payment closed down half a Singapore cent or 1.22 per cent to S$0.405 on Tuesday, before the latest board changes were announced.