Ann: EU Visa & Mastercard Tier 1 Live, page-29

Not sure about DSE, but, I can say that EML and ISX are not even vaguely similar

A closed loop gift card issuer that has bought an irish EMI with a Mastercard issuing license, is not particularly similar to a principal issuer/acquirer of Visa, Mastercard, JCB and Acquirer of Diners, Discover, ChinaUionpay and Amex.

Per JK's IR email earlier today > "As we move towards finalising ChinaUnionPay, Amex, Diners and Discover technical integrations, iSignthis will have a world class card payment channel capability, that boasts not only being more extensive than Australia’s Big 4 banks, but is comparable to card payment channel capability offered by the world’s largest banks."

Not sure EML looks anything like that.

Plus, at the AGM, JK mentioned that they are launching a prepaid card killer, whereby an existing credit or debit card can be loaded near instantly with up to $100k. So no wait for the card to be posted per EML, no issue with limits on a virtual card, and better margins as no physical product to manage.

I agree thats an area of overlap, but only because ISX is pushing in that area, not because there is any existign overlap with EML.