IOUpay signs key Malaysian deal with Bank Simpanan Nasional
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IOUpay is continuing to forge significant deals to further its strategic growth plans, this time with a Government of Malaysia owned bank.
Malaysia-focused fintech IOUpay (ASX:IOU) has announced its wholly-owned subsidiary, IOU Pay (Asia) Sdn Bhd (IOUpay Asia) has signed a marketing collaboration agreement (MCA) with Bank Simpanan Nasional (BSN).
Government-owned BSN has more than 7,000 employees and 390 branches across Malaysia serving more than 6.5 million card members.
The marketing campaign to promote myIOU’s BNPL offering and BSN’s card products will start on 1 October, run for six months with promotions across the consumer and merchant networks of both BSN and IOUpay.
The target audience is high credit quality bank customers including BSN’s existing 6.5 million card users. In particular, the group of BSN’s customers that have been pre-qualified by IOUpay will be targeted with direct marketing promotions designed to generate new customers and repeat transactions for the myIOU BNPL service.
Through the collaboration, IOUpay can leverage the BSN and myIOU brands to originate large numbers of high credit quality bank customers to use myIOU.
BSN will benefit through adding the myIOU BNPL service to its suite of services available to its most valued customers and the increased card activity generated through use of myIOU encouraged by the various promotional offers planned.
IOUpay and BSN will leverage their existing customer and partner networks to encourage consumers to apply for and use both myIOU and BSN credit or debit card by promoting the collaboration including:
Furthermore, the bank will also promote myIOU to its staff members via internal communications and BSN Staff Portal.
IOUpay will reward BSN Card members who download and use the myIOU BNPL service with extra benefits and promotional offers to encourage take-up and activity.
The large portfolio of BSN Card members represents prime target customers for the company given the pre-screening requirements, ensuring their high credit quality and proven retail activity.
A successful marketing campaign, generating increased BSN card activity and take-up of myIOU, over the initial six-month period will pave the way for extension of the collaboration with a view to future expansion into BSN’s high value customer communities.
The agreement represents another major step in the execution of IOUpay’s strategic growth plans to collaborate with banks and non-bank financial institutions.
The MCA with one of Malaysia’s leading retail financial institutions reflects IOUpay’s strategy to develop relationships with reputable partners who manage large communities of credit worthy consumers.
The company’s first collaboration with a major Malaysian retail bank also represents a significant milestone in its strategic growth plans to leverage its resources and relationships with the well-established bank and finance industry.
IOUpay Asia also entered a new strategic partnership with I.Destinasi Sdn Bhd (IDSB). Preparation is underway for the rollout of the first product initiative under the agreement to newly hired Malaysian Federal Civil Servants (FCSs) across education and health sectors, and other key government agencies.
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.