IOUpay ‘out of the blocks’ – opens huge Malaysian BNPL market with EasyStore partnership
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Less than a month after securing its Malaysian money lending licence, IOUpay has announced a partnership with South East Asian e-commerce solutions giant EasyStore.
Hot off the heels of securing its Malaysian money lending license, IOUpay (ASX:IOU) has announced its first major partnership in South East Asia, signing with a deal with EasyStore that will connect it with more than 7,000 merchants across the region.
The partnership will see IOUpay’s buy now, pay later payment services made available to all EasyStore merchants and promoted across the company’s multiple e-commerce sales channels, social media and payment platforms.
In 2020, EasyStore merchants processed over 20 million transactions with a total transaction value of approximately $435 million.
The provider has merchants across the South East Asian markets of Singapore, Indonesia, Philippines, Thailand, Hong Kong and Taiwan, as well as 5,000 merchants in Malaysia and a growing portfolio in the US.
EasyStore allows its merchants to use one platform to manage their business across multiple online sales channels, including SEA’s largest online shopping malls such as Lazada and Shopee, and all major social media platforms including Facebook, Instagram, WhatsApp, LINE and WeChat.
IOUpay’s BNPL services will be available to EasyStore merchants from March this year.
IOUpay CEO Khong Kok Loong said the agreement was a perfect opportunity for the Company to expand its services in SEA.
“We are delighted to be partnering with online shopping specialist EasyStore to roll out our BNPL offering to merchants and consumers. EasyStore’s dedication to real value added merchant services and their SEA focus is an excellent fit with IOUpay’s positioning and objectives,” he said.
EasyStore co-founder and head of business development, Alan Kok Kim Lin, said the agreement was a natural progression of EasyStore’s current offering.
“We are looking forward to partnering with IOUpay to enable our merchants and their customers to have access to the clear benefits of their Buy Now Pay Later payment services. The BNPL service offering is a natural value add for our merchants to grow their businesses.”
The partnership furthers IOUpay’s plans for growth in SEA and takes advantage of its acquisition of a Malaysian money lending licence in January this year.
IOUpay began growing its footprint in Malaysia in 2020 with Merchant Service Agreements with two prominent Payment Gateway providers in Malaysia, as well as one of Malaysia’s leading banks, enabling it to process BNPL payments as approved by Visa and Mastercard. The BNPL provider has been vocal about the opportunity it sees in the region where a third of the population is un-banked.
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.