- IOUpay has witnessed strong growth across its business with accelerated shift towards digital commerce.
- The uptake of its flagship myIOU BNPL service offering has been strong with significant transaction values.
- The acquisition of a majority stake in IDSB will enable IOUpay to tap IDSB’s bank customers for its BNPL service offering.
- IOU remains optimistic on the back of potential growth opportunities in the current business environment.
Digital commerce across the globe has taken a high growth route, outpacing the growth of established traditional markets, especially during COVID-19.
Such dramatic growth in digital commerce has come in the wake of changing consumer preference for online shopping and the accessibility to various customised and innovative digital payment options in recent years. The digital boom has in turn provided a fertile ground for the rise of fintech firms – one such firm which is leaving no stones unturned to cash in on the current scenario is IOUpay.
RELATED ARTICLE: IOUpay (ASX:IOU) on high growth trajectory with myIOU BNPL platform
IOUpay going strong in SEA digital payments space
ASX-listed fintech IOUpay Limited (ASX:IOU) aims to become one of the leading digital transaction processors in the thriving cashless economies of South East Asia (SEA) region.
The Company offers mobile banking solutions, digital payments, and digital services, including Buy Now Pay Later (BNPL). It serves nearly 20 of the leading banks, insurance and telecommunication companies in Malaysia.
In recent months, IOU has been witnessing strong growth across its business, capitalising on several opportunities to introduce new products and services while enhancing the existing ones.
BNPL service offering registers early uptake success
The latest numbers from the Company’s September quarter reflect a strong acceleration in the uptake of its BNPL service offering with AU$6,571,327 in total transaction value delivering net transaction revenues of AU$492,124.
Considerably, the Company’s flagship BNPL platform myIOU was rolled out in June this year. The BNPL business volumes are expected to further strengthen.
Moreover, the mobile banking division of IOU has shown continued growth, with transaction levels surging to a record 85,385,966, from 79,736,191 achieved in the earlier quarter.
The Company expects the growth story to continue for its mobile banking division, with transaction levels rising from both new and existing customers.
Source: Copyright © 2021 Kalkine Media
IDSB investment offers significant upside
IOU is all set to complete the acquisition of 42% of the total issued capital of I.Destinasi Sdn Bhd (IDSB), a Malaysia-based leading provider of long-term instalment-based consumer credit services.
The transaction provides significant upside for the Company to cross-sell its BNPL service offering. IOU and IDSB have distinct but complementary service offerings and business models with varying financial, human and technical capabilities.
Data Source: IOU Announcement 09/09/21
IOU is among the leading digital transaction service and payment processors in Malaysia, with more than 20 million monthly customer iterations processed.
The Company remains confident that it is suitably positioned to benefit from the clear growth opportunities budding in the high-growth environment.
IOU shares were trading at AU$0.212 in the early hours of 18 November 2021.