True, upon reflection I very much misinterpreted the...

True, upon reflection I very much misinterpreted the significance of the average Indonesian account balance only being around $3.5A.
I assumed it would have grown substantially since that metric was first published earlier this year, but nope it's languishing down there and the Malaysian one isn't a lot better.

It illustrates that our app in Indo is being used predominately by very low income earners and conservative ones at that! As the average salary in Indonesia is around an 8th of that in Australia.... yet their average RAIZ balance is about 1000% times less than here ($3670 vs $3.47), which ever way you look at it those Indonesian comparison numbers are very bad.

Coming off such a low avg account balance in SEA if the customers over there had confidence in the RAIZ product that balance would be steadily rising each month (regardless of the market conditions), instead it's still going backwards.

I believe the RAIZ product is very sound, so that says to me we have either just totally misinterpreted the readiness of those markets or our marketing approach in SEA is just way off way off the mark altogether..... Question: How did RAIZ even accumulate such a huge number of customer accounts over there in the first place? Was it just some overly generous referral program that has been milked dry by existing customers who've subsequently withdrawn those referral funds and have no intention of using the RAIZ app?

While it disappoints me to say this I think decision time for our SEA business is coming into focus and Brendan and the board need a new plan for this part of the business, be that a SEA pathway to profitability or a divestment of sorts (the customer data alone must have some value), but staying the current course in SEA will just lead to SPPs or company debt and ultimately.... death by a thousand cuts.