Ann: Quarterly Report (Appendix 4C), page-69

from a fundamental point of view all 3 companies are failures as neither of them make a profit. The question is the future and who will survive and who’s business model will survive post corona virus. The positive April results and CR gives shareholders greater confidence SPT will survive on the other side.

SPT growth is much slower than APT and Z1P because it’s a technology company targeting a consumer base who already have money. APT and Z1P are financial providers who target people who are careless with money (which is a lot of people) thus their growth is much faster because who doesn’t want free money? Basically giving loans to people who don’t know how to save.

The corona virus pandemic certainly has highlighted that so many people don’t save any money either because they spend on stuff they don’t need or their income is enough to cover bills and essentials.

Rather than focus on the past of BNPL focus on the future. Come July the world will be in a recession. Q2 and Q3 results for the BNPL companies are going to be very interesting on who will survive.