Ann: IOUpay Partners with Razer Merchant Services, page-65

Stig, what do you make of the lack of operational update and naming of bank financing?

I had thought Calvin promised an operational update "very, very soon" in which we would hear about new services and expansion into SEA territory - that was nearly three weeks ago, so surely his timeline has passed. Given our new director was signed to provide greater market transparency and updates, the time has come for some information to be provided?

In terms of financing, surely IOU do not expect to fund BNPL through multiple credit raises, as that may work short-term and provide profitability, but damaging long term - so I do not think that is the strategy, and original a bank was mentioned for funding. Why the delay? There would be a huge number of banks lining up to finance one would have thought - perhaps, IOU wants to show the partnerships it has signed first, in order to get a better deal and be de-risked from a lending perspective?

The lack of updates on both fronts is strange. I had speculated we may be forming a team to go after a banking licence which may explain the silence, and although that remains a distinct possibility, would need to know in the next 10+ days if that is the case...