Our client IOUpay provide fintech and digital commerce software and services in South East Asia (SEA) that enable our institutional customers to securely authenticate end-user customers and process banking, purchase and payment transactions. IOUpay has recently been featured in an article by STOCKHEAD.

The article opens with a captivating statement; 

"Special Report: IOUpay has taken a significant step in its plans for BNPL growth with two Payment Gateway partnerships and an agreement with one of Malaysia’s top banks."

What partnerships and agreements you ask?

"has signed Merchant Service Agreements with two prominent Payment Gateway providers in Malaysia, as well as one of Malaysia’s leading banks.

The bank, which is one of Malaysia’s largest commercial banks with over 7000 e-commerce merchants and 10,000+ in-store merchants, will enable IOUpay to effectively process BNPL payments as approved by Visa and Mastercard." 

The article further highlights that IOUpay has had a very active year;

"2020 has been a big year for IOUpay. A restructure in July saw a shift in strategy, partnered with the renaming of the business from iSentric.

The rebranding was the final step in establishing a clear roadmap for growth, with a focus on fintech and an eye on the expanding e-commerce sector in South East Asia. Last month the company completed a $10m placement to fund its plans." 

IOUpay CEO, KL Khong says;

“In a region with large under-banked populations and a systemic lack of consumer credit, this demand side growth presents the company with significant supply side upside.

IOUpay’s corporate customers are also indicating “strong consumer demand for BNPL services”, largely due to limitations in local consumer credit and a decline in credit card usage, he said.”

The article wrapped up by pointing out;

"With over a third of the population of SEA un-banked and a 206% increase in the number of active ecommerce users since 2015, IOUpay has a distance to go in the market. The company has advised more BNPL plans are in the pipeline for Malaysia and Indonesia in FY21 and a rewards plan is set for Q2FY21."

Read the full STOCKHEAD article here.

Read the full ASX Announcement here.