Ann: August 2022 - Key Metrics, page-22

"The internet says that Indo/Malay governments are looking to transition their economies away from cash and this will benefit Raiz"

Yes. That will be great. Except... after how many years? 2 years? and 250,0000 active accounts... the average indo customer has saved $3.66 each. Is the decline of cash really going to jump-start this to $1,000? Nope. The customers are clearly not using this as a savings product. My guess is they have been incentivised to open an account (Can the management plse comment on this).

This is a successful, useful and ground breaking product in Australia. I remain a fan.

But unfortunately, it is a complete failure in Indo and Malaysia. Lots of things might "positives" but there is no evidence of a realistic, profitable business model here. Close asia and focus on Australia. Our finance industry has massive massive scale. Super is huge. Mortgages are huge.

Face reality faster - it will cost shareholders less.