Ovanti, previously IOUpay, engages in provision of fintech and digital commerce software solutions and services. The company is headquartered in Sydney, New South Wales. The firm enables its institutional customers to authenticate customers and process banking, purchase and payment transactions. Its technology platform enables customer communities to connect to end user customers using any mobile device and integrate mobile technology throughout its existing business and customer product offerings. Its business divisions consist of Mobile Banking, Digital Payments and Digital Services, which serves banks in Malaysia, and telecommunications and corporates in Malaysia and Indonesia. The company also works with telecommunication network providers to provided mobile over-the-top services. In addition to providing secure mobile banking services connecting banks and their customers, its IOUpay platform also connects billers and end-user customers, enabling the purchase of utilities and other common household goods and services.
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Here are the latest articles on Ovanti (ASX: OVT)
Ovanti’s iSentric signs contracts worth $14.4m with Malaysian commercial bank
June 27, 2024
After changing its name, gaining adequate funding and being reinstated to the ASX, fintech and digital commerce company Ovanti (ASX: OVT), previously known as IOUPay (ASX: IOU), is finally returning to doing business after allegations of fraud and misappropriation of funds. The Company has signed a major new contract through its subsidiary, iSentric (no affiliation
IOUpay reports $36m in losses amid legal battles against former Board for alleged misappropriation of funds
December 6, 2023
Haven’t heard of the company IOUPay (ASX: IOU) in a while? You’re probably not alone because their shares have been suspended from trading since March 2023 while the new Board of Directors attempt to unravel the utter mess left to them from the previous Board, and it’s cost them $36 million according to the FY23
IOUPay fails to secure funding, enters voluntary administration
April 26, 2023
After a tumultuous year replete with lawsuits, declines and deal fallouts, digital payments company IOUPay (ASX: IOU) has entered voluntary administration. Daniel Walley and Philip Carter of PricewaterhouseCoopers Australia have been tasked with putting on the cape and saving the Company from their burning building. This action has been taken as IOUPay has many outstanding
IOUPay wins interim ruling against Clee Capital, set to recover legal costs but capital raise imminent
April 6, 2023
Crime does not pay; if anything, it makes you. And this was made evident with the recent Clee Capital vs Malaysian BNPL firm IOUPay (ASX: IOU) court drama. Playing out in a Johnny Depp and Amber Heard fashion, after IOUPay’s former CFO Kenneth Kuan Choon Hsuing—accused of misappropriating company funds—helped shareholder Clee Capital sue the
Clee Capital takes legal action against IOUPay with help of director accused of fraud
March 23, 2023
Fraud, losses, oustings and backtracking on deals—you’d think digital payments firm IOUPay (ASX: IOU)’s coffin couldn’t take any more nails. Untrue. The Company is now facing a new woe—and a big one at that: legal action via a disgruntled former CFO. IOUPay is being sued by one of its shareholders, Clee Capital, which holds 5.08%
IOUPay accuses a senior executive of suspected fraud worth about $4 million
March 22, 2023
If you’ve watched the 2022 film, The Menu, you’d know how the meals get progressively more disturbing until the head chef blows up the whole place (including the guests). That appears to be the trajectory South-East Asia-based digital payments company IOUPay (ASX: IOU) is on. After witnessing a BNPL decline and a slew of losses
Can celebrity marketing save IOUPay and its BNPL decline?
March 2, 2023
What started as a way to ease buyers’ financial stresses grew into one of their biggest stressors: Buy Now, Pay Later (BNPL). Bad debts and reckless spending has shined a light on the downsides of BNPL and its subsequent decline; yet, some digital payment service providers, like IOUPay (ASX: IOU), refuse to give up on
IOUPay pushes forth with its BNPL ambitions despite sector troubles
November 1, 2022
How far can you go as a business with only a little over $4 million in your bank account? Frankly, not a lot. However, Fintech company IOUPay (ASX: IOU) feels otherwise as it reports an operating cash outflow of $1.7 million in Q1 FY23, leaving the Company with only $4.1 million in its bank accounts.
IOUpay commences major partnership with Malaysia Bank
September 13, 2022
Despite many investors fleeing the industry, Buy-Now-Pay-Later (BNPL) buff IOUpay (ASX: IOU) is doubling down on its strategic plan to pursue large telcos and corporates in South-East Asia via a Marketing Collaboration Agreement (MCA) signed today with the Bank Simpanan Nasional (BSN) to promote the Company’s ‘myIOU’ product across Malaysia. As part of IOUpay’s strategic
EasyStore partnership gives IOUpay instant access to 7,000 BNPL merchants
February 9, 2021
Capitalising on the buy-now-pay-later trend which is rapidly expanding globally, fintech company IOUpay (ASX: IOU) is set to get a big boost through South-East Asia via a new partnership with EasyStore and its 7,000 merchants. Established in 2013 as an online shopping site, Malaysia-based EasyStore processed approximately $435 million from online customer sales in 2020
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