OVTiSentric signs Top 3 Malaysian BankThe top 3 banks in...

OVT

iSentric signs Top 3 Malaysian Bank

The top 3 banks in Malaysia, at least in terms of assets are:
- Maybank
- CIMB Malaysia
- Public Bank

I think some of the wording in the announcement gives away who it 'may' be, however I'll leave that up to your own interpretation. In any case, this is a solid vote of confidence for the product and as pointed out in the announcement, a $4.8M annual windfall for the company. It is easy to see that other banks may look to come on board.

- $3M AUD for an additional 13% stake in IDSB (the previous board, the same ones involved in the ongoing 'missing funds' case, stumped up $21M AUD for a 21% holding)
- OVT's money lending license renewed by the Malaysian Government, another vote of confidence for the operations/product provided by the Malaysian Government
- Plans to apply for a Digital Money Lending Licence currently underway
- Along with the new contract with a top 3 Malaysian Bank, OVT already has relationships with Bank Islam, Bank Rakyat & BSN bank

Commenting on the milestone transaction, OVT Group Chairman David Halliday, "These newcontracts reflect the enduring strength of our long-term partnerships within the commercialbanking sector in Malaysia and a testament to the faith the major commercial banks have iniSentric as a long term trusted technology partner now and well into future. The fact iSentric inthis space represents significant banking institutions in Malaysia exemplifies iSentric’s positon asthe the market leader and innovator in this sector. It is significant that iSentric in addition to thetraditional SMS offering has shown it is able to pivot towards the future with our new customer,backing iSentric’s offerings across new emerging technologies such as WhatsApp and socialmedia."

Great to see the new BOD hard at work steering the ship in the right direction after the previous BOD's wrongdoings

If OVT can retrieve any of those misappropriated funds under the previous BOD which it appears every possibility to do so, the company will be in an enviable position moving forward, amassing a small war chest of funds (coupled with the current funds received from the companies contracts) to continue to expand