SYDNEY, AUSTRALIA: IOUpay Asia has today made its myIOU BNPL offering available to Malaysian merchants operating on the payments platform of Shopify Commerce Singapore PTE LTD (“Shopify”), making myIOU available to consumers transacting through those merchants.

Shopify is a subsidiary of Shopify Inc. a Canadian multinational e-commerce company listed on the Toronto Stock Exchange and the New York Stock Exchange (together, “Shopify”).

Shopify provides a proprietary e-commerce platform for online stores and retail point-of-sale (POS) systems to more than 1.7 million businesses in over 175 countries around the world. During 2021, Shopify merchants processed over US$175 billion in gross merchandise value (GMV). In the United States, Shopify is the clear second largest e-commerce platform, processing over 10% of total U.S. retail e-commerce sales for 2021.

IOUpay Asia has entered into a Shopify Revenue Sharing Agreement for Payments Developers (the Agreement) with Shopify which enables it to develop and offer payments applications such as the myIOU BNPL offering as part of Shopify’s program to provide electronic and POS payment processing services to merchants. There is no consideration paid by the Company to Shopify to enter into the Agreement.

The terms of the Agreement are customary for service agreements with large or sophisticated providers and key relevant terms are:

• Initial term of one (1) year;

• The initial term automatically renews for one (1) year on the anniversary unless either party provides a notice to terminate the agreement;

• Either party may terminate by providing 30 days written notice.

Shopify requires Payments Developers to be PCI-DSS compliant, a certification which IOU is pleased to have recently announced, as per it’s announcement of 3 June 2022.

The Company has completed integration work to the satisfaction of the parties for seamless operation of myIOU as a payment option on the Shopify platform and will today be briefing its Merchant Services Team so that they can market this new functionality to the Company’s existing and prospective merchant customers.

Ms Gwen Khor (IOUpay’s Head of Marketing) commented: “We are thrilled to make available myIOU BNPL payment solutions on Shopify’s rapidly growing and market leading e-commerce payment platform. The addition of this functionality not only increases the Company’s ability to capture a larger share of our merchants’ customer purchases, but introduces myIOU as a payment option to new communities of digital consumers and aids our marketing efforts to prospective new merchants.”