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Summary
- iSentric share price zoomed to record a fresh 52-week high price of AU$0.056 on 24 August, post market update concerning new features and capabilities addition to its core technology platform, the IOU Pay Platform.
- ICU is capitalising on the burgeoning demand and new market opportunities in the digital payments and mobile banking business divisions.
- IOU Pay Platform witnessed dynamic advancements comprising of the system’s ability to integrate with existing banks, industry sectors and payment gateways to onboard customers, authenticate and credit score; and to process customers loan payments via bank account debiting, credit card and debit card debiting.
- Improvements would further add value for the existing bank and corporate clients to enhance customer marketing, online buying and payment experience, delivering uptick in customer conversion and campaign uptake rates, retention and referral rates; and augmented daily transaction values and volumes.
Actions of business entities amid the current times have been closely watched by markets and investors. Businesses that continue to make valuable improvements to their offerings could possibly be the hot stocks amid the COVID-19-infused uncertainty.
In this backdrop, we update you that iSentric Limited (ASX:ICU), an advanced fintech and digital commerce software and services provider, has started this week in an upbeat mood. Its share price soared by 27.778% and closed the day’s trade at AU$0.046, after hitting a fresh 52-week high of AU$0.056 intra-day, on 24 August 2020.
Noteworthy, the stupendous surge in iSentric share price was followed by the Company’s market update concerning dynamic advancements to its core technology platform, the IOU Pay Platform, which is one of Malaysia’s top three mobile banking transaction, messaging and payment processing platforms.
The upgrade of the IOU Pay Platform with addition of new features as well as capabilities is envisioned with an intent to capitalise on the burgeoning demand and new market opportunities for the technology platform in the digital payments and mobile banking business divisions.
The platform processes more than 17 million online payments and consumer interactions each month, generating a recurring monthly revenue stream for large volumes of digital payments and mobile banking transactions, corporate messaging as well as product marketing initiatives.
Technological Improvements- Part of ICU Strategic Plan for Seizing Further Revenue Growth
iSentric invested further in platform development in terms of new features and capabilities to address the surged demand and new market opportunities across Malaysia and Indonesia. Noteworthy, these enhancements are a vital part of the Company’s strategic plans to enlarge the revenue stream.
Furthermore, the improvements in iSentric’s mobile banking and digital payments platform encompass the system’s ability to integrate with its existing customer base in banks, industry sectors and payment gateways to authenticate, credit score and onboard customers. Moreover, the upgrade includes ability to process customers loan payments via bank account debiting, credit card and debit card debiting.
Platform Upgrade - Value-Addition for Existing Customer Base
The technology platform improvements are designed to add value to the Company’s existing diversified customer base comprising of numerous large domestic and international banks in Malaysia and corporates including utilities and telcos across Malaysia and Indonesia. The existing bank and corporate customer base connect with their consumer and SME customers using iSentric’s technology platform, the IOU Pay Platform.
It is worth noting that the Company added value by bestowing data mining services, which are targeted to deliver enhanced customer satisfaction, robust conversion and campaign uptake rates; retention and referral rates; and bolstered transaction volumes and values, on a daily basis.
Notably, this data-driven and customised development plan would boost engagement between the Company’s large corporate clients and their end-user consumer customers to boost recurring transaction values and volumes processed by iSentric.
Product Developments Underway
Further design and development of the product to process BNPL (Buy Now Pay Later) instalment payments, and to procure high volumes of purchase transactions between customers and merchants are in progress.
Additionally, value-added digital services and data analytics would be provided to big brand customers to maximise revenues and optimise the consumer experience and activity levels.
Did you read; Walk Through iSentric’s June Quarter Business Activities, Centred Around SE Asian Digital Commerce Sector
