IMO, IOU needs to really get a move on here. I realize we are spending the time to 'get it right', and that we already have a successful business outside of the BNPL space - but if we really are to compete, we need to get out there and 'grab land'. At least this is the case for traditional BNPL, whereby it's a matter of market adoption/penetration, get as many merchants/users as you possibly can (we are clearly seeing this with APT/z1p/szl). Outside of this traditional approach, we need to differentiate ourselves strategically with relationships with other institutions (such as banks..which we have done; or with credit lenders such as MC/Visa - as in the case of SPT asx). This 'Split' Malaysian based, but silicon valley founded, is just a BNPL gimmick (IMO) - pure traditional BNPL, with zero differentiation from anything else out there.......they have only one advantage, the fact they are out there and already capturing market share.
In saying all of this, IOU acquiring a money lending license is a huge step forward. Don't underestimate the red-tape that needs to be jumped through to get this - which tells me we are 'future-proofing' our payment processing infrastructure and business partner arrangements. Assuming we only get a small level of adoption, data points towards digital payments being a US$1Trillion opportunity by 2025 in SEA (south east asia) alone.... Now to put this in perspective, lets assume IOU only gets 1% of this projected opportunity by 2025...that still potentially values us at about a $10Billion market cap. You do the maths. Lot's of assumptions in here, but assuming we execute our plan, then we should see success.
Rant over.
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