{"id":11524,"date":"2021-03-01T23:15:24","date_gmt":"2021-03-01T23:15:24","guid":{"rendered":"https:\/\/economicherald.net\/?p=11524"},"modified":"2021-03-01T23:15:24","modified_gmt":"2021-03-01T23:15:24","slug":"ioupay-lands-merchant-referral-deal-with-ipay88-in-malaysia-shares-rally-again","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11524","title":{"rendered":"IOUpay lands merchant referral deal with iPay88 in Malaysia, shares rally again"},"content":{"rendered":"

Fintech player IOUpay (ASX:IOU)<\/a> has inked a deal with iPay88 to expand its distribution footprint in Malaysia.<\/p>\n

The company announced today that the two companies have signed a Merchant Referral Agreement (MRA) for a minimum term of one year.<\/p>\n

iPay88 is a leading domestic online payments platform in the Malaysian market, where it provides payment gateway services to a large network of banks and merchants.<\/p>\n

The MRA will see iPay88 on-board IOUpay\u2019s BNPL solution across its merchant network.<\/p>\n

In its announcement, IOU said iPay88 serves a client base of more than 45,000 online merchants and 20,000 in-store merchants in the Malaysian market, with operations across south-east Asia.<\/p>\n

The company reported that iPay88 processed over 360 million transactions across its payment gateway in 2020, with a total transaction value of around $10bn.<\/p>\n

IOUpay will incur no up-front costs for entering into the agreement. The two companies will commence integration of their platforms this month, with the first round of merchant on-boarding to the IOUpay platform scheduled for April.<\/p>\n

\u201cMerchant on-boarding and rollout will initially consist of selected priority merchants for quality control purposes, given the size and scope of iPay88\u2019s merchant network,\u201d IOUpay said.<\/p>\n

The distribution deal with iPay88 marks another piece of news flow in what\u2019s been a busy start to the year for the company.<\/p>\n

After obtaining a money lending licence for the Malaysian market in January, IOUpay landed a $50 million placement in February priced at 50c per share<\/a> \u2014 a premium of more than 100 per cent to its January trading range.<\/p>\n

Following this morning\u2019s announcement, shares in the company rose again, climbing more than 10pc at the opening bell towards 70c.<\/p>\n

Commenting on its distribution deal with iPay88, IOUpay CEO Khong Kok Loong said the company hopes to leverage the partnership into a long-term competitive advantage.<\/p>\n

\u201ciPay88 are the clear market leader in the online payments industry in Malaysia with a strong presence across South East Asia,\u201d he said.<\/p>\n

\u201cWe are delighted to be partnering with iPay88 to rollout our BNPL offering to merchants and consumers, and are committed to building a long term strategic relationship.\u201d<\/p>\n

First established in 2000, iPay88 built a market-leading footprint across Malaysia over the subsequent 15 years, capitalising on the mass market adoption of online payments.<\/p>\n

In 2015, Japanese multinational NTT Data Corp<\/a> \u2014 a Fortune500 company \u2014 acquired a 51 per cent stake in the business.<\/p>\n

NTT Data accounts for more than 70 per cent of the local online payment market in Japan where it serves more than 200 financial institutions, IOUpay said.<\/p>\n

In its core Malyasian market, the company said iPay88 established its advantage by providing the network infrastructure for financial institutions and businesses to process payments quickly and securely.<\/p>\n

iPay88\u2019s network certified to meet International Security Standards (PCI DSS Certified Level) which is the \u201chighest standard in the global online payments\u201d, IOU said.<\/p>\n

At Stockhead, we tell it like it is. While IOUpay is a Stockhead advertiser, it did not sponsor this article.<\/p>\n

The post IOUpay lands merchant referral deal with iPay88 in Malaysia, shares rally again<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Fintech player IOUpay (ASX:IOU) has inked a deal with iPay88 to expand its distribution footprint in Malaysia. 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