Ann: IOUpay Signs Strategic Partnership Agreement with IDSB, page-107

I don't know. I suspect that the market will probably not ever value IOU highly because they don't operate in a way that demonstrates an obvious possibility for exponential growth. It's too hard to understand the value proposition.
Again, Afterpay was worth 3-4 times its reported NTA a year and a bit after its initial listing and they had no proven ability to actually retrieve the enormous amounts of money they loaned. They technically had no actual assets but a loan book. But they demonstrated exponential transaction volume growth. So, the market is weird.

Who would have invested in computer software stuff like Microsoft in its inception? Hindsight is very clear, foresight impossible.
Will IOU even remain publicly listed or will they privatise later? Maybe the Malay government will buy them out if they become sufficiently competent and present? Who can say.

Hah, let me repeat. Hindsight is clear, foresight impossible.