IOUpay (ASX:IOU) announces appointment of Executive Chairman, aims efficiencies, profitability

March 09, 2023 02:46 PM AEDT | By Ankit Sethi

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IOUpay (ASX:IOU) announces appointment of Executive Chairman, aims efficiencies, profitability — Image source: ANDREI ASKIRKA | Shutterstock.com

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Highlights

IOUpay has appointed Chairman Isaac Chong Kwong Yang, with background in finance and accounting, as the Executive Chairman

The company, with this move, aims to reduce costs, achieve positive cashflow and advance toward profitability

All current executives of the South East Asia’s major fintech company would report to the new Executive Chairman

ASX-listed IOUpay Limited (ASX: IOU), a provider of financial technology (fintech) services in the lucrative market of South East Asia, has announced the appointment of Executive Chairman to lead the company toward profitability and cost efficiencies.

Isaac Chong Kwong Yang, who has been serving as the company’s Chairman, has been roped in as the Executive Chairman. During his previous role, he has been leading the company’s product suite expansion into the small and medium businesses (SMEs) segment, alongside focusing on the civil servant category of consumers (IOUpay’s partnership with IDSB) and other activities.

With this move, the company has also achieved an overall reduction in the fees paid to IOUpay’s Directors, in line with the company’s aggressive focus on increasing operational efficiencies.

Shares gain 5%

ASX-listed shares of IOUpay were up more than 5% and traded at AU$0.041 as of writing on 9 March 2023.

Source: IOUpay ASX release dated 9 March 2023

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