IOUpay has named Malaysian Islamic banking veteran Wan Asmadi Wan Ahmad as the non-executive chairman of its board of directors as the Australian public listed firm prepares to roll out an Islamic fintech product over the next few months.
Wan is the managing principal of DWA Advisory, a corporate advisory firm he founded which also services the Islamic capital markets. Before founding his own firm, Wan spent almost a decade in the banking industry including as head of Islamic capital markets at Maybank Investment Bank as well as the COO of Saudi Arabia’s Anfaal Capital, whose two largest shareholders are the Islamic Corporation for the Development of the Private Sector and Maybank Investment.
Wan replaces Lee Chin Wei, who was acting interim chairman. Lee continues to serve the board as an executive director and group CEO. He has also been appointed as managing director from the 30th June 2022 onward.
The appointment of Wan comes as IOUpay is gearing up to enter the Islamic fintech sector. Operating in Kuala Lumpur, IOUpay provides mobile banking, digital payments and digital services to 20 banks, insurers, telco as well retailers in Malaysia including Bank Islam and Bank Rakyat. It is understood that the company is developing a Shariah compliant version of its payment-facilitating platform, IOUpay, as well as working on obtaining a Fatwa certifying the Shariah integrity of its buy-now-pay-later service which it intends to roll out before September, or by the first quarter of the 2023 Australian financial year.