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- Southeast Asian fintech provider IOUpay (IOU) is having a noteworthy first month back on the ASX, after rebranding back in September
- Formerly known as Isentric, IOUpay provides mobile banking and digital purchase and payments for Southeast Asia’s banking and corporate sectors
- The company’s rebrand is part of a renewed focus on its fintech services in Malaysia and Indonesia, where it expects to see growth from the region’s underserved populace
- After resuming on the ASX in late September, the company posted a 250 per cent rise by October 23 but lost a quarter of those gains during trading this week
- According to recent statistics from CommSec, IOUpay was the third most traded stock last week, behind fellow fintec developers Zip Co and Douugh
- IOUpay closed 4.88 per cent in the red for 20 cents per share
Southeast Asian fintech provider IOUpay (IOU) is having a noteworthy first month back on the ASX, after rebranding back in September.
Formerly known as Isentric, IOUpay provides mobile banking and digital purchase and payments services Southeast Asia’s banking and corporate sectors.
The company is betting on a rise is clientele in the region, as previously underserved sections of the populace begin transitioning to online banking and buy now, pay later services.
IOUpay’s management are so confident in the emerging market that they changed the company’s name, CEO and direction, all to help champion its Malaysian and Indonesian fintech business.
IOUpay’s new CEO, Khong Kok Loong, similarly reflects the company’s renewed focus on the region’s emerging financial services market.
Coming into the company with more than 30 years of experience in the region’s tech sector, Khong most recently acted as technical director of Malaysia’s national payment gateway operator IPay88, before it was bought out by Japanese multinational NTT DATA back in 2016.
With the rebranding well underway, the company re-entered the ASX in its new form at the end of September to a market still alive with buy now, pay later excitement.
Upon listing, the company’s shares staged an impressive 250 per cent rise from a middling seven cents to around 26 cents by October 23. Nevertheless, investor interest cuts both ways and almost a quarter of those gains have been lost over five turbulent sessions of trading this week.
Clearly the rebrand has piqued investors’ ears, for better or worse, with IOUpay shares ranking as the third most traded last week, according to recent statistics from CommSec. IOUpay came in behind fintech staple Zip Co, as well as another recent reemergence, Douugh.
With a fresh $3.6 million capital raise under its belt and $2.8 million in cash and call deposits at the last count, IOUpay’s new influx of investors will be eagerly awaiting the next moves from another hopeful fintech stock.
IOUpay closed 4.88 per cent in the red for 20 cents per share.
