With respect @pjh0102 I think we all need to get away from the...

With respect @pjh0102 I think we all need to get away from the idea that the BNPL model that works in Australia, the US and the UK will work in Asia.

The IOU business when branded as iSentric slotted in between banks and merchants/customers. This model proved successful with FY19 resulting in approx $7m in revenue. In FY20 revenue receded to $6.6m and the BOD cited the pandemic as the reason which makes sense. Lockdowns prevented normal business operations and many citizens became unemployed. This actually presented an extremely lucrative opportunity for this business to extend it's offering. Looking at the previous financial statements shows us that the business model was making money but the cost of those revenues meant profitability was harder to reach.

Adding BNPL type services to an already established digital services model will supercharge the revenue model for this business imo.

Some may not be aware that IOU also works closely with telcos and well as banks. This gives IOU a very unique advantage to drive communication with customers on behalf of businesses. Authenticating customers via the IOU platform turns a marketing campaign into a digital transaction ready experience for the customer. This increases conversions and as a result IOU revenue will increase.

Don't get too caught up on the idea of existing BNPL models. There's an existing business which makes $6.6m in revenue. Now take that existing business and consider the pull back in revenue from the pandemic. Customer transactions decrease due to unemployment caused by business closures. The need to make essential transactions for food, housing and clothing has not gone away. The ability to pay for these services and products has become more difficult and that's where a BNPL model, executed the right away will do very well in the South East Asian market.

The addition of BNPL to an established business model means this company will continue to make money and potentially accelerate revenue growth even during the pandemic and we'll into the post-pandemic recovery.

This is my opinion based on market research, please dyor.