News – PH – IOUpay Reaches Merchant Referral Deal With iPay88 In Malaysia, Stock Rally Again – Stockhead

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The shares in IOUpay rose at the opening bell after the news of a new sales partnership by up to 11 percentage points (Image: Getty)

Fintech player IOUpay (ASX: IOU) has signed a contract with iPay88 to expand its sales base in Malaysia

The company announced today that the two companies have signed a Merchant Referral Agreement (MRA) for a minimum term of one year

iPay88 is a leading online domestic payment platform in the Malaysian market, providing payment gateway services to a large network of banks and merchants

In its announcement, IOU announced that iPay88 had a customer base of more than 45000 online retailers and 20Serves 000 in-store dealers in the Malaysian market with offices across Southeast Asia

The company reported that iPay88 processed over 360 million transactions through its payment gateway in 2020, with a total transaction value of around 10 billion USD

IOUpay incurs no upfront cost to enter into the agreement The two companies will begin integrating their platforms this month The first round of merchants’ entry into the IOUpay platform is scheduled for April

“Merchant onboarding and rollout will initially consist of selected priority merchants for quality control purposes due to the size and scope of the iPay88 merchant network,” said IOUpay

The distribution agreement with iPay88 marks another flow of messages in a busy start to the year for the company

After IOUpay obtained a money lending license for the Malaysian market in January, the company received a $ 50 million placement in February at a price of 50 cents per share – a premium of more than 100 percent versus the trading range in January

Following this morning’s announcement, the company’s shares rose again, climbing more than 10 percentage points to 70 cents on the opening bell

Khong Kok Loong, CEO of IOUpay, commented on the distribution agreement with iPay88 and said the company hopes to leverage the partnership for long-term competitive advantage

“iPay88 is the clear leader in the online payments industry in Malaysia with a strong presence in Southeast Asia,” he said

“We are very excited to be working with iPay88 to bring our BNPL offering to merchants and consumers and are determined to forge a long-term strategic relationship”

iPay88 was founded in 2000 and has built a market-leading presence across Malaysia over the following 15 years The acceptance of online payments in the mass market was used

In 2015, Japanese multinational NTT Data Corp – a Fortune500 company – acquired a 51 percent stake in the company

According to IOUpay, NTT data accounts for more than 70 percent of the local online payments market in Japan, where it serves more than 200 financial institutions

In its core market in Malyasian, iPay88 established its advantage by providing the network infrastructure for financial institutions and corporations to process payments quickly and securely

The iPay88 network is certified according to international security standards (PCI DSS Certified Level) According to the IOU, this is the “highest standard for global online payments”

At Stockhead, We Say What It Is While IOUpay is a Stockhead advertiser, it did not sponsor this item

26 February 2021 | Nick Sundich

24 February 2021 | Sam Jacobs

23 February 2021 | Mike Cooper

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News – PH – IOUpay reaches dealer referral deal with iPay88 in Malaysia, share rally again – Stockhead
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Source: https://stockhead.com.au/tech/ioupay-lands-merchant-referral-deal-with-ipay88-in-malaysia-shares-rally-again/