Ann: Annual Report to Shareholders, page-65

You answered it yourself, APT got 11.2 billion TTV with a payment cycle of 5 to 6 weeks so they cycle roughly 1.1 billion 10 times a year. Against this pool of cash they wrote off 88.5 million $ whereas zip TTV is 2.1b $ cycled twice a year so zip uses 1.1B $ pool of cash and zip wrote off 30 million $. Who is managing BD better? Simple maths!!

I think you need to re read both reports and remove the stigma of ZIP being managing BD poorly because market follows what you say and makes opinion. ZIP is the only BNPL who is fairly reporting BD as a %age of receivables whereas all other peers are reporting BD as %age of TTV and in this matric zip is by far the best due to its credit checks!