Today\u2019s announced deal with Razer will give IOUpay access to over 50,000 quality merchants, expanding its BNPL footprint further in Malaysia and deepening its relationship with SEA\u2019s leading merchant services provider.<\/p>\n
SEA fintech fast mover IOUpay (ASX:IOU)<\/strong><\/a> is continuing to expand its footprint in Malaysia, after signing an agreement with Razer Merchant Services (RMS).<\/p>\n The one-year, renewable deal will see RMS refer and onboard its network of more than 50,000 merchants to utilise IOU\u2019s BNPL payment services.<\/p>\n In addition to the physical in-store merchant sites, Razer\u2019s merchants include the online e-commerce sites for many major global brands.<\/p>\n Razer will also be responsible for the integration of IOUpay\u2019s BNPL service offering with the acquired merchants\u2019 webpages and e-commerce platforms, along with ensuring that IOUpay\u2019s logo and other branding materials are properly displayed.<\/p>\n The deal is set to give IOUpay strategic partner access to selectively acquire Razer\u2019s quality merchants and customers.\u00a0 With systems integration and automatic onboarding, the deal should facilitate low-cost mass market penetration for IOUpay\u2019s BNPL platform myIOU which will be officially launched in Malaysia today.<\/p>\n \u00a0<\/p>\n RMS has been established for over 15 years, and is now one of Malaysia\u2019s largest merchant services and e-payment networks under the Razer Inc. group of companies.<\/p>\n It\u2019s also one of the leading payment gateway providers in Southeast Asia, processing online and offline payments for blue-chip merchants operating in the region.<\/p>\n Today\u2019s deal is not the first time that IOU has struck an agreement with Razer.<\/p>\n In May, IOUpay signed a deal with RMS Reloads<\/a>, a Razer Fintech company, to provide collection agency services that will enable IOUpay customers to make over the counter BNPL instalment payments at any merchant across RMS\u2019s extensive network of more than 10,000 physical retail outlets in Malaysia.<\/p>\n IOUpay therefore sees today\u2019s agreement as far from just another merchant referral deal, but instead one that will further deepen its relationship with Razer \u2013 a strategic partner who manages payment processing and related services for 50,000+ merchants in Malaysia alone.<\/p>\n \u201cThis deal recognises the deepening relationship that we\u2019re building with Razer,\u201d said Paul Russell, an IOUpay non-executive director, who Stockhead<\/em> caught up with recently.<\/p>\n \u201cIt\u2019s all about establishing strong ties with a quality partner who manages a significant community of digital economy merchants and consumers.\u201d<\/p>\n However, Russell said that out of the pool of 50,000+ merchants, the company plans to onboard only those who will fit into IOU\u2019s own branding.<\/p>\n \u201cWe will go through a selection process with RMS, and we\u2019ll be working and onboarding only those merchants who are going to work best with our BNPL product and premium brand values,\u201d he told Stockhead<\/em>.<\/p>\n He explained that Razer\u2019s well-established and highly credible reputation aligns with IOUpay\u2019s values and makes the company a great partner to launch its BNPL app offering myIOU, which is to be officially launched in Malaysia today with an impressive virtual launch event including Malaysian digital economy dignitaries and commercial partners.<\/p>\n \u00a0<\/p>\n Through its digital payments and mobile banking businesses, IOUpay has the goal to become one of the leading digital transaction processors in the booming cashless economies of Southeast Asia.<\/p>\n The region, with a population of 650 million people, presents a major opportunity as a significant number of those people are either underbanked or not banked at all.<\/p>\n \u201cUnderbanked means they might just have a single bank account, but don\u2019t have any credit cards or other banking products,\u201d said Russell.<\/p>\n \u201cThere\u2019s a significant number of people who are unbanked, don\u2019t have a bank account, but they have a smartphone and might even use an e-wallet on their smartphone.\u201d<\/p>\n All this represents an attractive market opportunity for innovative fintech solutions for the burgeoning digital economy.<\/p>\n The region\u2019s high smartphone and internet penetration, fast growing cashless movement, and a population that is starved for credit are some of the criteria you need for a BNPL business to flourish.<\/p>\n And given the company\u2019s nearly 20 years of experience in mobile banking and digital payments, it is well placed to establish a leadership position in BNPL services across all its markets.<\/p>\n But the company is also strategically targeting communities with strong credit profiles.<\/p>\n \u201cWe\u2019re all about accessing the quality end of the consumer market. With quality data collection and analysis, it takes out the guesswork and underpins a quality receivables book.\u201d<\/p>\n \u201cThat quality receivables book will keep costs down, drive sustainable profit growth, and position the balance sheet for efficient access to capital,\u201d Russell told Stockhead.<\/p>\n \u00a0<\/p>\n To leverage its strengths and build a profitable BNPL business, IOUpay has been strategically focused on developing mutually beneficial relationships with partners who manage large communities of quality digital economy merchants and consumers.<\/p>\n So far this year and prior to today\u2019s deal, it has inked agreements with EasyStore, iPay88, MyP1 and RMS Reloads.<\/p>\n Along with today\u2019s agreement, these partnerships have now given IOUpay access to over 135,000 merchants across Malaysia via their providers of critical payment gateway and e-commerce platforms.\u00a0 This represents VIP access and systems integration for low-cost acquisition of selected quality merchants and consumers.<\/p>\n After building and testing the myIOU BNPL platform and conducting a soft launch starting in April, the company is now ready to officially launch the product through today\u2019s virtual launch.<\/p>\n The launch is being done virtually due to the COVID-19 movement control restrictions in Malaysia.<\/p>\n During today\u2019s launch, the company will also announce two new BNPL product innovations that will add more flexibility and convenience for both merchants and consumers.<\/p>\n These innovations emphasise IOUpay\u2019s market leadership position as a premium brand focused on quality partners and merchants, quality products and service delivery, and quality customer experience.<\/p>\n Online registration for the launch is still open and can be accessed via IOUpay\u2019s social media channels on YouTube, Facebook, Twitter and Instagram.<\/p>\n This article was developed in collaboration with IOUpay, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n \u00a0<\/em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n The post IOUpay deepens partnership with Razer in Malaysia, ahead of official launch of myIOU BNPL platform<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nhttps:\/\/stockhead.com.au\/wp-content\/uploads\/2021\/06\/myIOU-Official-Virtual-Launch-Register-NOW.mp4<\/a><\/div>\nMore than just a commercial deal<\/h2>\n
BNPL focus<\/h2>\n
Strategic partnerships<\/h2>\n