With its next generation flagship myIOU platform now up and running along with two new brand ambassadors, IOUpay is building momentum for a strong 2022.

Malaysia-focused, Aussie fintech IOUpay (ASX:IOU) has launched its refreshed flagship Buy Now Pay Later (BNPL) platform –  myIOU App 2.0 – with a refined interface, easy navigation and some massive starpower to share it.

The enhanced app comes with a few dazzler-features as the company prepares for rapid BNPL market growth and an increasing switch to cashless transactions in its target market of Malaysia.

The myIOU BNPL app has been developed by IOU Pay (Asia), a full subsidiary company of IOUpay, which listed on the ASX in 2014.

But the local fintech has nearly 20 years of working at the leading edge of banking-tech, whether it’s mobile banking, the digital payment space, financial technology or customer acquisition.  It’s driven hard into its niche, serving some 20 of Malaysian best and biggest banks, insurers and telcos, and corporates across both Malaysia and Indonesia.


myIOU 2.0

The firm’s team have developed an entirely frictionless new interface with a minimalist design to enhance user experience, meet the specific demands of regional users and allow for a more instinctive navigation.

IOU says the new design will ensure easier access to available merchants and brands across all categories hand-delivering an even better shopping experience.  Promotions and rewards – such a large part of the region’s online culture – are highlighted to increase visibility to consumers.

In conjunction with myIOU’s new interface launch, beginning Wednesday, a five-day roadshow is being held at IOI City Mall, Putrajaya to promote the new app and announce its new brand ambassadors.

The roadshow features myIOU’s merchants which are major carriers, All IT Hypermarket, Gintell and Brooks.

myIOU enables consumers to use debit or credit cards for the BNPL service.  With simple registration, consumers are granted instant credit approval of RM1,000 and may increase the credit limit up to RM10,000.  The upgraded myIOU App 2.0 is already available for Malaysians to download in the Google Play & App Store.


New influential ambassadors

Malaysian actor Syafiq Kyle. Pic: Supplied

IOUpay has appointed celebrated Hong Kong actress and television host Priscilla Wong, and local actor Syafiq Kyle as the new faces of myIOU for 2022.  Wong is huge amongst almost all demographics in South East Asia – and has been a permanent fixture there since 2012.

“Malaysia is my second home, I still keep in touch with people and things around here,” Wong said.

“I hope the way of spending smartly using myIOU can be extended to all my fans.”

Kyle is a celebrated local actor and model – a go to face for international fashion brands, including MGSM, Hacket London and – the ubiquitous brand for high-end western fashion around Asia – Salvatore Ferragamo.

“After a few months of using the myIOU app, it has helped me a lot in managing my expenditures, specifically by making interest-free purchases and splitting payments up to six months,” Syafi said.

The new myIOU ambassadors will represent myIOU in their major marketing campaigns to share the benefits of using myIOU to their fans.


Malaysia driver for myIOU growth

IOUpay’s Head of Marketing, Gwen Khor, said Malaysia remains a key driver for myIOU growth, with the company registering a substantial rise in its user and merchant base since its launch in June last year.

That base has grown to more than 52,000 user downloads from just 1,500, while the merchant base has also increased.

To date, myIOU has more than 800 active merchants that operate nearly 1,900 physical and online stores nationwide, ranging from fashion, automotive to electronics & gadgets.

Renowned myIOU merchants also include Senheng, Hewlett Packard, Jurlique, Neal’s Yard Remedies, Box of Bricks, Darson Electronics, Lazo Diamond, Wah Lee, 5 Star Fitness, The Guitar Stores, Clock Family and Artisan Creative Studio.

“The fastest-growing user base is attributed to the benefits that myIOU offers such as flexible zero interest monthly instalments of two, three or six months,” said Khor.

IOUPay recently provided a positive first half update for Q3 FY22, including reported ~$9.4 million in total transaction value (TTV), delivering ~$413k in net transaction revenues (NTR).


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.