Sponsored

IOUpay (ASX:IOU) partners with Bank Simpanan Nasional to further expand BNPL footprint - Kalkine Media

Follow us on Google News:
 IOUpay (ASX:IOU) partners with Bank Simpanan Nasional to further expand BNPL footprint
Image source: IOU Presentation 21/07/2022

Highlights

  • IOUpay’s myIOU BNPL offering is set to further penetrate Malaysia’s financial landscape, thanks to its agreement with Bank Simpanan Nasional (BSN).
  • BSN is a Malaysian government owned entity, with millions of customers and hundreds of branches across the country.
  • The marketing collaboration agreement between the two enterprises would serve as a major boost for both, adding to brand awareness of myIOU and targeting BSN’s most valued card members with direct marketing and promotions.

Fintech player IOUpay (ASX:IOU) has marked another important and significant milestone as part of its strategic growth plans to collaborate with the well-established bank and finance industry.

In a major development, IOU’s wholly owned subsidiary IOU Pay (Asia) Sdn Bhd has teamed up with Bank Simpanan Nasional (BSN), a Government of Malaysia owned bank. The two entities have signed a marketing collaboration agreement, set to provide a significant boost to IOU’s myIOU BNPL services in the Southeast Asian country.

BSN has over 6.5 million cardmembers in the country, thanks to the bank’s 7,000 plus employee network and 390 branches.  

Meanwhile, IOUpay has an extensive merchant network of over 3,000 merchant outlets across Malaysia. 

Agreement gives access to high-credit quality customers

The target audience of the campaign will be the high-credit quality customers of BSN that have been pre-qualified for IOUpay services. These customers would be targeted directly through promotional activities to encourage take-up and use of the myIOU service.

Additionally, BSN is also set to promote myIOU to its thousands of employees through internal communication channels and staff portal. The marketing campaign would see additional benefits and offers accruing to BSN cardmembers if they choose to download and use the myIOU BNPL offering.

BSN has agreed to use a variety of ways, including promotion through social media channels and direct emailing to high-value cardmembers, to make the marketing campaign effective, results driven and aligned to IOUpay’s strategy of pursuing high credit quality consumers.

Also read: IOUpay (ASX:IOU) jumps 13% on strategic partnership with IDSB targeting Malaysian civil servants

 

Data source: IOU update

Agreement to benefit IOU and BSN

IOUpay and BSN will leverage their existing network of customers and partners to encourage consumers to apply for and utilise both myIOU and BSN Credit or Debit cards.

IOUpay, a stock market (ASX:IOU) listed entity, has a clear goal of generating incremental sales through the agreement reached with a government-owned bank. This would also boost myIOU’s brand awareness besides adding more value to BSN’s services in the country.

IOUpay’s extensive customer and merchant network would be leveraged to help BSN acquire more cardmembers for its banking services and encourage card usage through activity with the myIOU app.

The agreement with IOUpay commences with effect from 12 September 2022, as part of which the marketing campaign would run for six months from 1 October 2022 to 31 March 2023.

The outcomes from the initial six-month period will pave the way for extension of the collaboration with a view to future expansion into BSN’s high-value customer communities.

About BSN

The bank was incorporated in 1974 as a state-owned entity and The Bank Simpanan Nasional Act 1974 facilitated the commencement of operations. With this, the Post Office Savings Bank, which had served since 1948, was replaced by a new and modern banking entity. In FY20, BSN reported revenues of RM2.0 billion (~AU$656 million) and profit after tax of over RM204 million (~AU$67 million).

Also read: IOUpay (ASX:IOU) announces revised terms to IDSB investment completion

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK