IOUpay and Bank Simpanan Nasional in a Malysian marketing deal

  • By Zilla Efrat

ASX-listed IOUpay’s subsidiary, IOU Pay (Asia), has signed a marketing collaboration agreement with Bank Simpanan Nasional (BSN) to promote each other’s products.

BSN is owned by the Malaysian government and replaced Malaysia’s Post Office Savings Bank in a Government reorganisation in 1974. It has more than 7,000 employees and 390 branches across Malaysia serving more than 6.5 million card holders.

The collaboration will enable IOUpay to leverage the BSN and myIOU brands to originate large numbers of high credit quality bank customers to use myIOU’s buy now pay later (BNPL) service. It was designed to accommodate the ever-growing cashless market in Malaysia and South East Asia.

BSN will benefit through adding the myIOU BNPL service to its suite of services available to BSN cardmembers and via the increased card activity generated by the use of myIOU.

BSN expects myIOU adoption will be boosted by various planned promotional offers at its branches and online through its social media channels. It will also send direct email messages to selected high-value customers and promote myIOU to its staff members via internal communications and BSN Staff Portal.

IOUpay will reward BSN Cardmembers who download and utilise the myIOU BNPL service with extra benefits and promotional offers to encourage take-up and activity.

The marketing campaign starts on 1 October 2022 and runs for six months with promotions across the consumer and merchant networks of both BSN and IOUpay.

Last week, IOUpay it would work with I.Destinasi Sdn Bhd (IDSB) to maximise financing opportunities for Malaysian federal civil servants in various government ministries.

IDSB, in which IOUpay has a 34 per cent stake, focuses on providing instalment-based consumer credit services to civil servants for and on behalf of Malaysian banks.