- Digital payment method adoption has grown more than before the COVID-19 pandemic.
- ASX-listed iSentric is a world-class fintech and digital commerce services and software provider, catering to its client base through three divisions - digital payments, mobile banking, and digital services.
- iSentric services many leading domestic and international banks in Malaysia and several large corporates in Malaysia and Indonesia. Its core platform processes 17 million plus online payments and consumer interactions, monthly.
- With growth in e-commerce and online payments, iSentric is seeking to maximise revenues and optimise consumer experience and activity levels.
Amid COVID-19 headwinds, consumers’ payment preferences have experienced a radical change with a number of shoppers using digital payments. As consumers use less cash and make more purchases from online platforms, fintech and digital service providers have garnered significant attention and emerged stronger from the unparalleled crisis.
One such ASX-listed company is iSentric Limited (ASX:ICU), which provides digital and fintech commerce software and services, primarily catering to Asian clients. Its stock has delivered a whopping return of 500% in the last six-month period. ICU stock traded upward by 9.259% to $0.059 on 16 September 2020 (AEST 12:52 PM).
The Company’s core technology platform, the IOU Pay Platform empowers its large customer base to extend their information technology apps to mobile devices and assimilate mobile technology across their existing business. On a monthly basis, the platform processes 17 million plus online payments and consumer interactions.
In that backdrop, let us quickly acquaint ourselves with the three business divisions through which iSentric is offering world-class services to its clients.
iSentric’s Business Divisions
iSentric serves its customer base via three business divisions, namely Digital Payments, Mobile Banking, and Digital Services. Notably, these divisions service the leading 20 banks across Malaysia and several leading corporates encompassing utilities, insurance companies, and telecom carriers in both Malaysia and Indonesia.
iSentric also works with numerous telecom network providers to offer OTT mobile services, leveraging their subscriber base to bolster digital commerce business volumes as well as active communities.
In the technology-driven era where the world is advancing and getting progressively mobile, iSentric is amongst Malaysia’s leading three e-KYC, mobile banking transaction processing and authentication platforms. Its Mobile Banking division actions efficient as well as cost-effective millions of mobile banking transactions and secure customer authentication each month for numerous big institutional partners and end-user client base.
The Mobile Banking division offerings include Digital Banking, Mobile Wallet Solution, Mobile Backend as a Service (MBaaS) and Secure Transaction Messaging.
Leveraging on its robust background in servicing several financial institutions via the Mobile Banking division, iSentric’s capability to bestow a payment channel that is safe as well as secure is a vital strength of the Company.
Furthermore, iSentric is expected to play at the front foot and capitalise on the growth opportunities offered by the trends such as mobile banking transfers, utility bill payments, e-money purchases, food & beverage supplies, and prepaid airtime and data. These trends are registering considerable growth in terms of both transaction volumes as well as values.
iSentric’s digital payments division offers services such as operator billing, mobile banking and hybrid e-wallet.
In the current times, sale and purchase of goods and services, bill payments, and money transfers are being increasingly processed digitally via mobile and internet-enabled devices.
iSentric utilises its IOU Pay Platform software to originate, qualify and/or credit score and onboard new customer base directly via digital and social media and indirectly through collaboration with the communities of big customers.
The Company tends to bridge the gap between firms and their vast client base by equipping firms with comprehensive platforms and unified services to support in monetising their digital content, efficiently.
It is worth noting that the Company has added a feature of consumer loan and instalment-based Buy Now Pay Later payment processing to its platform. It is likely to position iSentric uniquely for remarkable growth in its active customer base and transaction volume and value.
Backed by the vast offerings of its key business divisions, iSentric seems well-positioned to grab the significant growth opportunities arising from increased consumer and business purchases for essential products and services electronically.
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