Kuala Lumpur, Malaysia – Malaysia-based fintech IOU Pay has launched myIOU Business+, a B2B financing solution. The new product is an online portal allowing purchasers to facilitate financing for their suppliers in credit terms, via a seamless and automated transaction.
In a bid to empower business owners in Malaysia, myIOU Business+ is created for SMEs to enjoy the flexibility of monthly repayment via direct debit as well as to drive business growth with cash flow acceleration.
“We are continuing to see growth and we are excited to further expand our services and to have additional products that reflect the core values that the company strongly believes in,” said the fintech’s head of marketing, Gwen Khor.
She added, “Whether you’re a customer, a B2B company or even a supplier, there is something we have to offer. In Malaysia, SMEs are the backbone of our economy and in order to grow they will need a supportive financing framework amidst the post-covid recovery. Hence, we are encouraging small businesses to pursue more opportunities and to increase the profit margin by using myIOU Business+ for prompt payment’s discount offered by suppliers.”
The finance facility for the suppliers is done by submitting an accepted invoice and other documents to myIOU. In return, myIOU will be paying the suppliers in full invoice amount less the service fee while the purchasers are able to repay their bill in flexible 4 monthly instalments.
Both suppliers and purchasers are able to sign up easily by uploading the required documents to the myIOU Business+ portal. Purchaser or supplier acceptance, document management, reporting, initial transaction and repayments are all carried out in a seamless process through the portal.
In June 2021, myIOU also established its Buy Now Pay Later (BNPL) consumer app. According to the fintech, the BNPL app has already achieved 180,000 consumer downloads to date, with over 4,000 stores nationwide.
