$1 Club, page-22855

As I have said - there is currently a re-valuation of IOU and its business in light of the past few months where competition in the BNPL space in Malaysia has grown substantially (Atome, Pace, Pine Labs, Fave, Hoolah, Split are all bnpl the operating in Malaysia) whilst the Covid situation in the country remains on edge without improvement for the masses as they are in a perpetual lockdown situation even after 2 months.

Large demographics have lost their jobs and income, others have greatly reduced income and savings.

What we are seeing would be the market currently re-pricing IOU in view of these risks.

IOU has done itself no favours by being slow to the bnpl space whilst all its competitors has locked up the marquee retail brands over the last 6 months with IOU having not much to show in terms of its merchant network numbers.

All imo.