To be honest I don't think we should be focusing so heavily on...

To be honest I don't think we should be focusing so heavily on the AG Code. IOU is buying into a business that's providing access to 85k potential BNPL customers. IOU also gets a kick back of profits from the IDSB business model which is growing rapidly.

The only advantage of the AG Code is that IDSB can deduct salaries at the payment master source rather than through ANGKASA. Cooperative lenders provide salary deduction loans as well and there's about 12k of them in Malaysia. The reason ANGKASA was created was to prevent bad lending practices such as over borrowing. The Lending Act states that lenders cannot allow salary deduction loans to exceed more than 60% of a customer salary.

If you ignore the AG Code all together, IDSB has a substantial customer database for IOU to leverage. It's interesting to consider if civil servants are leveraged up to 60% of their salary you would imagine they don't have a lot of available cash flow for other expenses which puts IOUs BNPL service in a pretty good position.

You wanted cash position and expansion into other countries but I honestly believe the IDSB acquisition provides an opportunity for IOU to grow very quickly in Malaysia. They've already received an award for growth and the service has only been available for 6 months. It makes a lot of sense to be to create a strong base of operations to support expansion.