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- South East Asia-focused finch and digital commerce software and services provider IOUpay (IOU) has inked Merchant Service Agreements with two payment gateway providers in Malaysia
- The partnering bank of one of those payment gateway providers has also finalised its approval, enabling the company’s buy now, pay later (BNPL) offerings to be supported by both credit and debit card payments
- IOUpay has also bolstered its identity and financial verification capabilities, signing agreements with five independent credit data service providers
- Meanwhile, the company has enhanced its IOUpay Platform and completed core BNPL platform modules
- Shares have been trading 3.2 per cent higher at 16 cents
IOUpay (IOU) has inked Merchant Service Agreements with two payment gateway providers in Malaysia and advanced its verification capabilities.
The finch and digital commerce software and services provider is focused on South East Asian markets, with a presence in Malaysia and Indonesia.
Signs with new payment gateway providers
One of the payment gateway providers that IOUpay has recently teamed up with is among the top three in Malaysia, based on the number of active merchants and customer payment transactions.
The partnering bank of one of the payment gateway providers has also finalised its due diligence and provided its approval. This enables IOUpay’s buy now, pay later (BNPL) offerings to process both credit and debit card payments.
IOA awaits approval from the partnering bank of the second payment gateway provider.
Inks agreements with credit data service providers
IOU has also bolstered its identity and financial verification capabilities, signing agreements with five independent credit data service providers.
This includes a Subscription for Service Agreement with CTOS Data Systems, Malaysia’s leading credit reporting agency.
The execution of the agreements marks the completion of the company’s initial build of its proprietary credit processing system.
Enhancements
IOUpay has completed its scheduled testing of the core system functionality and interoperability of its BNPL platform and service offering. The company has also made enhancements to the customer, merchant and administration systems.
Shares have been trading 3.2 per cent higher at 16 cents at 12:58 pm AEDT.
