IOUpay has appointed a new chairman with vast experience in the Malaysian financial sector, particularly around Islamic capital markets and corporate finance as it moves to gain Shariah compliance certification.

Malaysia-focused fintech IOUpay (ASX:IOU) has announced the appointment of an experienced investment banking and corporate advisory expert in the country as its new non-executive chairman and non-executive director.

Dato’ Wan Ahmad is based in Kuala Lumpur and brings more than 25 years of corporate advisory and investment banking experience with some of Malaysia’s leading financial institutions.

Wan Ahmad is the managing principal of DWA Advisory (DWA), a corporate advisory firm he established in 2013, where he has successfully led a team of 12.

The company has been involved in mergers and acquisitions and fund-raising activities with a cumulative transaction value of more than $1.5 billion.


Experience in Islamic finance

Prior to DWA, Wan Ahmad spent close to a decade in various senior executive roles with Maybank Investment Bank Berhad, Kuala Lumpur.

Maybank is Malaysia’s largest bank and largest public listed company on the Malaysian stock exchange with a global network primarily focused on Southeast Asia.

His roles included EVP/head of Islamic capital markets and EVP/head of dealing, equity capital markets, which culminated in his appointment as chief operating officer of the bank’s Saudi Arabia division in 2009.

Wan Ahmad’s appointment comes as IOUpay moves to gain a foothold in the Islamic finance sector with Southeast Asia, and specifically Malaysia, having significant Muslim populations.

The company has myIOU Islamic under development, to comply with the principles of the Islamic faith.

IOUpay has been working closely with a suitably licensed, independent global Shariah advisory firm to gain certification of Shariah Compliance for its myIOU BNPL service offering.

Shariah compliance certification is scheduled for Q1 FY23.


Valuable skillset

Wan Ahmad is one of nine members of the Market Participants Committee of Malaysia’s national securities exchange, Bursa Malaysia.

He is also chairman of the Association of Corporate Finance Advisers (Malaysia) and a corporation member of Pahang State Development Corporation.

Wan Ahmad holds a Bachelor of Business Administration (1989) and a Master of Business Administration (1996) from Temple University, Philadelphia, USA.


Asset to IOUpay

Immediately prior Interim Chairman and one of the founders of IOUpay’s Mobile Banking Division, Lee Chin Wee, will continue in his executive director role to fulfil the duties of Group CEO and has been appointed Managing Director of IOUpay effective immediately.

Mr Lee said Wan Ahmad’s experience will be an asset to IOUpay, particularly as it embarks on further market expansion.

“Dato’ Wan not only brings valuable corporate advisory and investment banking experience, but also has strong regulatory and compliance skillsets for public listed companies,” he said.

“We look forward to Dato’ Wan’s contribution to the company’s leadership and strategy as we move onto our next phase of enterprise development and market expansion.”

Wan Ahmad was appointed to the board of IOUpay as a non-executive director and elected non-executive chairman effective 30 June 2022.


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.