Until SPT's technology is deployed and proven at scale (in the...

Until SPT's technology is deployed and proven at scale (in the coming months supported by Level 1 PCI Compliant Data Security Standards), MC/V are unlikely to be seriously interested in a TO. Then again as MC/SPT partner on new instalment products and MC are in the box seat working on integration at scale (to say nothing of V), competitive juices will surely highlight strategic value as growth trajectory continues.

Given the red hot sector right now, I suspect SPT's differentiated and simple to understand model will start being assessed by instos (esp as MC increases and potential ASX200 inclusion looms) as future growth is a derivative of ecommerce across card savvy markets.

Also think regulatory concerns will heighten for APT/Z1P as expanding loan book required larger funding to support (no down ramp intended) with inevitable delinquencies something they have to manage.

And that only re-enforces SPT's credentials offering a tool to extend payment terms (based on cardholder limit) and not new credit.