IOUpay groups up with BSN to supply BNPL providers, leveraging the financial institution’s 6.6mil cardmembers

Malaysian fintech firm IOUpay introduced at the moment that it has collaborated with government-owned Bank Simpanan Nasional (BSN) to supply myIOU’s Buy Now, Pay Later (BNPL) providers to BSN’s 6.6 million cardmembers.

According to a press launch, by way of this collaboration, BSN cardmembers can now break up their instalment funds for as much as six months by way of the myIOU cellular app at a 0% charge with collaborating retailers resembling SOGO, Senheng, Petsmore, Lazo Diamond, and extra.

While this service is one thing that anybody can entry on myIOU with out having a BSN card, cardholders will obtain additional perks.

This contains an RM10 welcome voucher when registering with the myIOU app.

According to the discharge, the primary 5,000 registered BSN cardmembers who bind their bank card will obtain further RM10 vouchers.

BSN cardmembers who spend a minimal of RM500 with myIOU may also stand an opportunity to win BSN Sijil Simpanan Premium (BSN SSP), which is value RM100. On high of this, the winners may also be entitled to take part within the BSN SSP attracts to doubtlessly win draw prizes.

Gwen Khor, the pinnacle of selling at IOUpay, instructed Vulcan Post that present myIOU customers who’re additionally BSN customers may also get to get pleasure from perks of those advertising and marketing actions.

Win-win advertising and marketing initiative  

In the discharge, Gwen stated that this collaboration will allow each BSN IOUpay to higher serve their prospects.

This is by “offering a smarter way to spend on what you want, when you want, without breaking the bank whilst prudently managing one’s finances”.

Mujibburrahman Abd Rashid, Chief Business Officer of BSN additionally stated that BSN is wanting ahead to increasing its card choices by way of this partnership.

This collaboration is a results of the 2 entities’ advertising and marketing collaboration settlement signed final month.

According to an article by Stockhead, the target market for this collaboration is high-credit high quality financial institution prospects.

“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,” said the article, which was printed in collaboration with IOUpay, a Stockhead advertiser on the time of publishing.

The article additionally shared that BSN will promote myIOU to its workers members by way of inner communications and its personal BSN Staff Portal.

Meanwhile, BSN will seemingly profit from elevated curiosity in its card choices because of promotional initiatives from IOUpay by way of its app, web site, and service provider community throughout Malaysia.

“BSN is Malaysia’s first and longest-running bank that has millions of customers and hundreds of branches nationwide,” Gwen stated to Vulcan Post. “We believe that the partnership with BSN will not only be benefitting myIOU with a larger consumer base, but also granting the BNPL service to BSN’s customers.”

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