ALTHOUGH, the company is listed in Australia, much of its revenue is generated by providing smartphone mobile banking and digital payments in Malaysia alongside BNPL services and OTT (over-the-top) media services via local telcos.
IOUpay has a money lending license, companies incorporated here, as well as the required approval from Bank Negara Malaysia, to operate on the buy now pay latter platform .
POINTED fingers will definitely come Bank Negara's way as some of the transactions were illegally facilated by the Aussie company's ex Malaysian staff.
WE are not talking about a lone wolf action that has brought the Australian company down to its knees but the actions of group of people.
WHY has the central bank's 2018 Employee Screening Guideline's failed to deliver the goods, especially since Bank Negara itself understands that failuer here is not an option.
PERHAPS, Bank Negara Malaysia has become too well fed a cat, to notice a man accused of being in a team that cleaned RM30 million of CAELY Bhd, has been duly appointed Executive director at Revenue Group.
REVENUE, is the payment gateway flashing all the correct red flags ; staff quiting by the droves & auditors no longer wanting you as a client, that the roof is about to cave in
