- IOUpay experienced restricted business activities, owing to the affected social and economic conditions in the Asian market amid the COVID-19 pandemic.
- Recently, IOU bagged multiple agreements and obtained major approvals concerning its BNPL platform.
- IOU has also introduced several enhancements to its core proprietary platform for a better experience of customers as well as merchants.
The past year has been a tough sledging for many businesses across the globe as a direct outcome of the COVID-19 pandemic. Although technology and connectivity through digital platforms helped the businesses survive and even thrive in these tough times, overcoming various challenges and maintaining operations amid total shutdown have been a tall order.
At the emergence of the pandemic and consequent shutdowns, businesses were seen struggling to keep up with high dynamism in the business environment. However, numerous companies did not take much time to respond to the changing scenario and opted for ways to keep themselves in business, especially fintech players.
Did you read: IOUpay (ASX:IOU) Going Great Guns in Malaysia
IOU Experiences Disruption Due to COVID-19
Fintech and digital commerce software solutions provider IOUpay Limited (ASX:IOU) acknowledges that its business was affected due to COVID-19.
Like other parts of the world, countries of its operations in Asia, including Malaysia, Indonesia, and Myanmar witnessed restricted business activities due to lockdowns. Given the market uncertainty, IOU’s Enterprise Mobility, Digital Gaming, and Digital Media & Services, divisions decelerated.
Rapid Growth in E-commerce
IOU currently processes more than 17 million transactions per month in Malaysia and caters to top-tier customers. It serves the top 20 banks in Malaysia, and large telcos and corporates in Malaysia and Indonesia.
It believes that there is a lot of growth potential for its business in the South-East Asian (SEA) market due to a huge number of internet users across the region.
In its October investor presentation, the Company highlighted that internet penetration and adoption in SEA was driving unprecedented changes in consumers’ behaviour. It also unveiled more than 200% growth in e-commerce in SEA since 2015, which is expected to triple in value by 2025.
Interesting Read: IOUpay Limited (ASX:IOU) eyes dominance in SEA Digital Payment Market
Bouncing Back with Multiple Agreements
IOU recently reported notable progress in terms of merchant service agreements as well as approvals for processing Buy Now Pay Later transactions. The Company further inked a Subscription for Service Agreement with CTOS Data Systems Sdn Bhd during November 2020, which offers IOU with an array of services.
Additionally, IOU has inked agreements with two well-recognised specialist global identity and eKYC merchants. Its flagship IOUpay Platform has been integrated with these vendors.
For meeting the purpose of complex credit, and financial information verification and analysis, IOU has also bagged an agreement with a global specialist bank statement and financial data processing company.
Interesting Read: Get Acquainted with High-Calibre Leadership Team at IOUpay Limited
Enhancements to the Platform
IOUpay Platform enhancements and core proprietary BNPL platform modules have been completed on schedule and deployed.
Several enhancements have been made to the customer, merchant, and administration systems. Under this process, IOU has finalised the advancement and assessment of main system interoperability as well as the functionality of its BNPL transaction processing platform.
An Android mobile app has also been developed, which runs on an IOUpay Smart Terminal that facilitates administering of BNPL transactions and devoted merchant on-boarding of in-store customers.
Reflected through the ongoing progress, the Company has managed to drum up significantly amid the prevailing pandemic scenario. Moreover, IOU looks forward to exploring alliances that could assist in achieving its objectives while capitalising on its existing customer base.
IOU traded at $0.155 on 11 January 2021 at 12:48 PM AEDT.