I was also at the meeting and I think what AF and the team wanted to present were projected figures based on their business model, which would have been very exciting to hear. . However, I think this was directed to be removed as it could be construed as up ramping and I think as annoying as it was, the ASX did the right thing. Adrian has made no secret that he is intending to take a huge swipe at the banking industry and this puts CRO under considerable scrutiny, as their business capabilities have the potential to unhinge long established ways of conducting business and financing. Mastercard/VIsa/Fiserv are quite obviously wanting a piece of this new pie, but anyone who disrupts an existing system is going to encounter opposition and intense scrutiny from the watchdogs. If you consider the rise of Afterpay, they had to endure a major inquiry into their operations in the BNPL space, as they stood accused of allowing people to get into debt over their head, even though there was no substance to the implication. As CRO continue to grow and unseat established business practices, I fully expect them to be vigorously scrutinised. Thus I am very happy that AF is taking a methodical approach to the roll out, T crossing and I dotting. Trust me when I say this is not in his nature, but he has the maturity now to leave no stone unturned to make this work.
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