IDSB has a IDPay, the website does look outdated thou.
I feel a system is already in place... just like here where we can call upon advance salary, deductions and all the processes goes via the bank, like local BNPL had to partner with banks at quite a later stage to hold salaries. IOU has done the same at earlier stage. the same can be rolled for rest of Malaysians. Something of a offering like commsec but at 42% which is better than 0% any day.
In doing so, banks are given fee sharing with such agreements. no one does it for free...IOU will get its parts of fees and 40% share of what ever is coming on the banks end.
most of us don't know how things work in Malaysia but as long you have strong connections with government you can do things far quickly. IDSB isn't just about spending few millions, it is getting through the doors to get things done with ease.
p.s. receivables of $800 million at 42% how is that a bad thing? bank still made profit still in harsh conditions of pandemic in malaysia...
most people live in a bubble of their own. our government people get paid no matter what... those 37000 salaried people would have been paid regardless and will still be good on their debt given the arrangement.. this is a very de-risked purchase. then be out trying to get people that are extremely affected by pandemic.
I believe under current economic situation those 37k customers are worth it.
IDSB wanted to be part of digital revolution, most banks will opt for long term installments sooner or later like cars etc so why not just get on board from get go. its already... so synergies match for both business.
Malaysian prefer to keep 51% holding and no government will have a problem with an overseas company taking a less than controlling stake in a company that is strongly linked with government and it's salaried individuals.
in one swift move, company catapulted it's market cap with incorporating a bank. market will decide this in next few days once this September craziness settles down.
IDSB platform IDPay
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