Ann: $12.8m Special Dividend Received, page-16

Let's clarify a bit, I do agree migrants have no problems with opening bank accounts in Australia.

What IBOA is trying to offer is: Opening an Australia account WHILST they are OUTSIDE of Australia. Please refer to the IBOA deck in their presentation. Picture yourself (before moving to Australia), did you open the bank account there? Maybe you did but that was certainly not the case for me. I was only able to open an account when I am in Australia and I certainly did not do much research about which bank is good before I got here.

Great insight in regards to Australian banks with branches overseas, which triggered me to do some research because it is definitely worthwhile to see what IBOA can be more competitive in the future.

Commonwealth Bank of Australia:
https://www.commbank.com.au/moving-to-australia.html

"You won’t be able to deposit funds or make account transactions until you’ve verified your ID at a CommBank branch in Australia. You'll need to verify your ID within 20 days of opening your account, or your account may automatically close. You can reapply online at any time. Once you arrive, ensure you follow any necessary requirements or guidelines before coming into a branch to be identified."

NAB:

https://www.nab.com.au/personal/travel-and-overseas-banking/moving-to-australia
"You can no longer apply for an account before you arrive in Australia. You’ll need to visit a NAB branch after you arrive to set up an account. Be ready for your arrival by reading about our banking features and accounts."

ANZ:
Under their everydays account, there is a tab that states "moving to Australia" which I assume is for migrants. After you clicked it, it diverted you straight to the ANZ plus account. The website is not very user-friendly and it has no information about opening accounts from overseas. You can give it a read and tell me if you are able to find any info. However interestingly, if you want to move to New Zealand, you can open a bank account with ANZ before you arrive. I am unsure why this is not the case in Australia. Also bear in mind, Guy Carvalho (now CEO of IBOA) used to work for ANZ and he led the team that eventually became the ANZ global payment team.
https://www.anz.com.au/plus/

Westpac:
"- You will need to be in Australia to open an Australian bank account with Westpac; - We are required to check identification documents for new customers, before you will be given access to your account"
I assume that also means no opening accounts from overseas.
https://www.westpac.com.au/international-travel/moving-to-australia/?pid=iwc:mg:chona_2206:relart#visa

So out of the big 4 banks, only Commonwealth Bank has the capacity to allow you to open a bank account from overseas. Maybe some of the smaller banks may let you do it but let's assume the migrants will have more trust in the big 4 before they arrive.

Next up, the transation fees for transferring money overseas. This is the case where migrants are sending money overseas to their relatives. I have no idea so I asked my best friend, Google. Guess what, it appears that Western Union did all the research for us!
https://www.westernunion.com/blog/en/au-money-transfer-fees/

These different categories were doing my head in and I can't comprehend what is the actual cost. "Starting from around $6 to $7 dollars" is a good way to start, then you have something that is like $20 to $30 dollars per transaction. Again, I am in no position to say whether this is expensive or not, but it seems like IBOA is trying to bring this cost down which can benefit the migrants. IBOA/Novatti can also double dip because 1) they can charge a fee per transaction and 2) every dollar they do a cross-border transaction via the XRP or XLM ledger, they generate revenue from them.

Last bit about RKN share price dipping, that's because they gave out the special dividend of 57c. Sure the price did drop about 70c in comparison to the price before the ex-div date, but it is certainly NOT as simple as a "51% drop". I would probably say it is a 13c difference, which is about 10% of the near ATH price.

All IMOH, I was a bit moved by your opinion because they are all valid. But my research did tell me otherwise, especially the gap that IBOA has identified in this sector. Looks like they ain't lying after all and they did their research. These guys aren't joking around.