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Summary
- COVID-19 headwinds have led to substantial changes with cashless transactions, and purchase of products and services via online platforms becoming the new normal.
- ASX-listed, iSentric is a fintech and digital commerce software and services provider, facilitating mobile banking, digital payments and digital services.
- iSentric’s core technology platform, the IOU Pay Platform processes over 17 million online payment and consumer interactions every month.
- With increasing demand and new revenue growth opportunities across digital payments and mobile banking in Malaysia and Indonesia, the Company plans to capitalise on its technology platform strength.
Fintech and digital service providers have truly shone with the rise in digitisation amid COVID 19. The pandemic has accelerated adoption of smart digital payment alternatives with buying behaviour moving online. Consequently, volume of digital payments has significantly grown, and would continue to in the foreseeable future, experts opine.
In that backdrop, let us discuss fintech and digital commerce software and services provider iSentric Limited (ASX:ICU), empowering its institutional client base to securely authenticate end-user customer base and process purchase, banking, and payment transactions.
Let us cast an eye over the Company’s core technology platform, along with key business divisions.
The IOU Pay Platform - Processing 17Mn Interactions
The IOU Pay Platform (formerly Mobility2U, MobilityPay & MobilityGames) is the Company’s core technology platform, amongst one of the three leading mobile banking transaction and messaging and payment processing platforms in Malaysia. The platform allows a large user base to expand their information technology applications to any mobile device and integrate mobile technology across their existing business.
Noteworthy, the platform processes more than 17 million online payments as well as consumer interactions each month, generating a recurring monthly revenue flow for inflated volumes of product marketing initiatives as well as corporate messaging, digital payments and mobile banking transactions.
During the last month, iSentric announced upgrades to the IOU Pay Platform, designed to add more value to its existing bank and corporate customers connecting with their consumer and SME customers using the platform.
For appraising yourself with the dynamic advancements to the technology platform, please read: iSentric Registers Fresh 52-Week High Post Announcing Important Technology Platform Improvements
Skimming through Business Divisions of iSentric
iSentric serves its client base through three business divisions - Mobile Banking, Digital Payments and Digital Services. These divisions are noted to service the top 20 banks across Malaysia as well as numerous leading corporates covering insurance companies, utilities, and telecom carriers in both Malaysia and Indonesia.
Additionally, iSentric works with various telecommunication network providers to offer over-the-top (OTT) mobile services that leverage their subscribers to boost digital commerce business volumes and active communities.
Mobile Banking (formerly Enterprise Mobility)
In this digital era, where the world is getting progressively mobile, the Company is at the forefront of empowering efficient as well as cost-effective transaction processing and secure customer authentication for numerous large institutional partners and end-user clients.
It is amongst Malaysia’s top 3 e-KYC, mobile banking transaction processing and authentication platforms, actioning millions of mobile banking transactions and customer authentication every month.
Digital Payments
Leveraging on iSentric’s solid background in servicing numerous financial institutions through its Mobile Banking division, the Company’s capability to furnish a secure payment channel is a crucial strength of the business.
With prepaid airtime and data, utility bill payments, food & beverage supplies, e-Money purchases and mobile banking transfers experiencing significant growth in terms of transaction volumes and values, the Company is expecting to capitalise on growth opportunities presented by these trends.
Digital Services (formerly Digital Media and Content)
Payment of bills, transfer of money, and sale and purchase of goods and services are being progressively processed via internet-enabled devices and mobile phones.
iSentric tends to bridge the gap between enterprises and their large customer base by equipping entities with dynamic platforms and integrated services to assist in efficiently monetising their digital content.
Furthermore, the Company uses its IOU Pay Platform software to originate, qualify and/or credit score and onboard new clients directly via digital and social media and indirectly via collaborating with numerous big customer communities.
Notably, consumer loan and instalment based BNPL (Buy Now Pay later) payment processing features have been added to its platform, expected to position iSentric uniquely for noteworthy growth in active customer base, as well as transaction value and volume.
Stay tuned for iSentric's EGM to be held on 30 September 2020, wherein the Company plans to discuss key matters comprising of further capital raising and change in the Company name and its ASX stock code.
With its strong market positioning, core technology platform strength, and upgrades to business divisions, ICU remains well placed to capitalise on growing demand and new market opportunities against a background of increasing volumes and values in the digital commerce sector across South East Asia.
On 9 September 2020 (AEST 02:31 PM), iSentric traded at AU$0.053. The last six-month return of the stock was noted at 700%.
