>I think of it this way, let's say management focused efforts on...

>I think of it this way, let's say management focused efforts on expansion and moved into Indonesia.

That would be a poor move. Focusing on expansion on lending especially in a different market would be a mistake given their lack of funding.

Only a fool would give them funding for loans in Indonesia based on metrics from Malaysia.

>Management focused all funds on BNPL and didn't buy IDSB.
If that happens I'm out. 8-9% return is not enough to cover their actual costs; they need a strictly passive income. IDSB as well as other fees for payment processing is the real money.

>We don't know why they haven't been successful. Is it because they haven't operated long enough to know what bad debts look like in real terms?
Probably partially this, and partially because of credit moratoriums in the region likely makes investors wary in investing in any kind of finance, especially one with such a low yield.

Perhaps they have not even applied for one? As I said in this and other threads, despite what they and other articles have said, I don't think this is really a BNPL company.

As Mondy said - why buy IDSB? They could have had a deal with them for data and a discount on transactions. They want to own the actual company for a reason.