This morning, IncentiaPay (ASX: INP) have formally welcomed a new substantial shareholder. A Mauritius-based company named Suzerain Investment Holdings bought a 19.98 per cent stake in the company for $3.9 million.

IncentiaPay are an consumer loyalty & SME-focused fintech. The company said its vision is “to become Asia Pacific’s leading integrated loyalty and payments solutions provider”.

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IncentiaPay was founded in 2014 and listed within months. It was able to list so early by acquiring Bartercard.

After being as high as $1.21 in late 2015 the stock is now at 4.2 cents. Despite inking significant partnerships, including with AliPay, and recording $110 million in revenue last financial year, it lost $62.2 million.

But in a show of confidence, Suzerain bought into the company. Suzerain appears to be a related body corporate to Mauritian bank LC Abelheim. LC Abelheim’s managing director Aziza Moraby signed the substantial holder form.

Tourism and sugar production are the largest traditional industries in Mauritius. But its low-tax and favourable regulatory environment has led to it becoming a financial haven.

It was last year rated as the best economy in Sub-Saharan Africa to do business and is the third fastest growing financial centre globally.

Suzerain has also been linked to Platinum Credit, because the management of its holding company (Platcorp) is affiliated with Suzerain.

Platinum Credit is a Kenyan company that offers microfinance. According to its website it “deliver[s] cash in 24 hours, with minimum bureaucracy and swift customer service”.
 

In other ASX corporate news today

After nearly a decade in the CEO’s seat, Phil Vernon is standing down from Australian Ethical Investment (ASX: AEF). Vernon told shareholders he believed the time was right to depart and hand over to new leadership. “I am proud to have been part of such a special company that has been at the forefront of responsible investing and the profit with purpose movement in this country,” he said.

During his tenure, funds under management increased from $600 million to $3 billion and AEF’s market cap has increased from $20 million to $200 million. Chairman Steve Gibbs will act as CEO after Vernon’s departure on August 31 and a search has begun for a new CEO.
 
Alcidion Group (ASX: ALC) evidently know hows to keep its clients happy, because it just renewed its agreement with Western Sussex Hospitals NHS trust for its Patientrack platform. It was first deployed in 2011 and will be there until at least 2024 following the renewals. The company told shareholders the value of the renewal was $970,000.

The app plans and performs patient observations and assessments and provides documentation at the bedside in real-time.