- IOUpay is marching ahead with business expansion and critical aspects like strengthening the leadership team.
- The Company has appointed Paul Russell as a non-executive director to its Board of Directors.
- Russell has previously served as Director, Structured Asset Finance at Westpac Institutional Bank.
IOUpay Limited (ASX:IOU) has announced a new addition to the Board of Directors, effective 12 May 2021. In March this year, the Company appointed two senior executives, to support its plans for business expansion.
IOUpay is a uniquely positioned fintech and Buy Now Pay Later (BNPL) player in South East Asia. The Company services 20 of Malaysia’s leading banks, insurers and telcos along with other large corporates in Malaysia and Indonesia. Its objective is to emerge as a leader in the growing market for digital payment services in South East Asia.
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New Board Appointment
The Company has placed Paul Russell in the role of non-executive director to its Board of Directors, starting from 12 May 2021.
IOU has been looking to expand its offerings across geographies as the Company anticipates strong demand for digital payment solutions in the coming times. For this purpose, IOU has been focusing on an all-around approach to add value to its business on various fronts, especially product enhancement, partnerships and strengthening the leadership team.
The latest addition is crucial for the Company, as Russell brings along 15 years of institutional banking experience, having served as a senior structured asset finance practitioner with leading financial institutions in Australia.
As a Bachelor of Economics from the University of Sydney in 1990, Russell specialises in accounting and econometrics.
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Moreover, Russell has devised and executed transactions for large corporates, governments as well as institutional relationships throughout Australia and the Asia-Pacific region.
Source: IOU Announcement 12/05/2021
The transaction and relationship experience of Russell spans diverse industries, jurisdictions, regulatory frameworks, and credit profiles. This extends from big-ticket capital expenditure financing for mining, aviation, and marine equipment to portfolio finance for dedicated non-bank financial institutions.
Previously, he has served in the role of Director, Structured Asset Finance at Westpac Institutional Bank. In this role, he was engaged in developing a portfolio of direct and third-party originated receivables, relationship management, product development, credit structuring & evaluation, and growing the Debt Capital Markets business of the bank.
Besides this, his work comprised numerous portfolio acquisition opportunities along with funding of new businesses.
Overall, the fintech and digital commerce solutions space is expanding at an exceptional pace, and companies are looking to gain an edge over the competitors by improving every possible aspect of the business. Some of these aspects include product/service enhancement, improving liquidity, partnerships within and beyond the industry, and gathering a team of experienced professionals.
With Mr Russel’s appointment to the company board, IOU seems to be at the forefront of identifying the need for desired additions to its business and responding to the same in time.
IOU stock was noted at AUD 0.320 at 01:09 PM AEST.