IOUpay escalates Malaysia expansion plans with key executive appointment
The appointment of Christopher Kok will drive IOUpay’s commercial activities, penetration of its BNPL product in Malaysia and business expansion into other countries in the region.
Fintech leader IOUpay (ASX:IOU) has just bolstered its commercial management capabilities, appointing Christopher Kok Min Joon to the key position of Regional Commercial Officer, commencing on July 1st.
As a senior business development executive, Kok will drive the company’s business expansion plans as it enters a phase of mass onboarding of merchants via collaborative partnership agreements.
IOUpay’s recent partnerships with e-commerce platform providers and major payment gateways, which include Razer Merchant Services, have expanded its BNPL footprint further in the target market of Malaysia.
These partnerships, along with direct marketing campaigns, are being leveraged to acquire quality customers and merchants onto its BNPL platform, as it strives to become one of the leading fintech players in Southeast Asia.
The appointment of Christopher Kok will also ensure that IOUpay has a proven resource to lead its strategic regional territory expansion, as outlined in the investor presentation in March.
Kok brings over 20 years of business development experience in fast moving consumer goods (FMCG) in international markets, including SEA and the Pacific, the Middle East, Africa, South America and Central Asia.
His experience includes developing big brand distribution into new markets, and establishing partnerships with distribution agents.
He is also experienced in strategic advertising and promotional activities, building and delivering sales objectives, as well as monitoring market intelligence internationally.
From 2005 to 2016, Kok held market development positions with Kotra Pharma.
During this time, he successfully launched new products into SEA and the African markets, as well as originating distribution partners into 17 jurisdictions across the Middle East, Africa and SEA.
From 2017 to 2019, Kok was the General Manager in charge of exports with Munchys Food Industries, where he led a sales team responsible for food product distribution into 52 jurisdictions.
During this two-year period, he drove sales growth through the expansion of distribution networks, and product development with global brand partners.
Since 2019 and prior to joining IOUpay, Kok was the regional Business Development Director for global plant-based consumer products conglomerate, Upfield (Malaysia) – owned by private equity giant Kohlberg Kravis Roberts.
In this role, he successfully built the distribution network for Upfield’s products into Cambodia, Laos, Vietnam, Philippines, South Korea and the Pacific Islands.
Kok holds a Bachelor of Business Administration (International Business) from the University of East London.
Kok’s appointment comes as IOUpay is undergoing a period of rapid staff expansion, to accommodate an increase in its business activity and merchant onboarding that has especially accelerated during the month June.
This follows the recent launching of its myIOU BNPL product offering into Malaysia, which was covered by three major television broadcasters including Malaysia’s national news agency, Bernama. Millions of Malaysians were introduced to the myIOU app via their afternoon and evening national news editions.
The launch was also covered by major print and online media platforms in the country.
To support the rollout of the myIOU BNPL product offering, IOUpay has now expanded its workforce to a total of 53 full-time employees. New hires have been added to its business development, IT, operations, credit and marketing teams.
IOUpay will release more information about its business activity and operations in the June 2021 quarterly update, to be released on or before 31st July.
Through its digital payments and mobile banking businesses, IOUpay has the goal to become one of the leading digital transaction processors in the booming cashless economies of Southeast Asia.
The region, with a population of 650 million people, presents a major opportunity as a significant number of those people are either underbanked or not banked at all.
The region’s high smartphone and internet penetration, fast growing cashless movement, and a population that is starved for credit are some of the criteria you need for a BNPL business to flourish.
With nearly 20 years of experience in mobile banking and digital payments, IOUpay is well placed to establish a leadership position in BNPL services across all its markets.
To leverage its strengths and build a profitable BNPL business, IOUpay has been strategically focused on developing mutually beneficial relationships with partners who manage large communities of quality digital economy merchants and consumers.
So far this year, it has inked agreements with Razer Merchant Services, EasyStore, iPay88, MyP1 and RMS Reloads.
This article was developed in collaboration with IOUpay, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.