Malaysia-focused fintech platform IOUPay (ASX: IOU) announced that its subsidiary, IOUPay Asia, has signed a two-year deal with Pine Labs. Pine Labs is one of the leading commerce platforms that serves merchants across India and Southeast Asia. With this deal, clients of both companies will be able to use the “myIOU” Buy Now Pay Later (BNPL) services. The agreement, running for two years to May 2024, was structured to leverage both companies’ business capacities. 

Pine Labs will have to connect its platform to the myIOU services to onboard the merchants who IOUPay has approved via the POS terminal of Pine Labs. After activation, Pine Labs will also ensure that the myIOU logo and other branding materials are displayed at the merchants’ locations and POS terminals.

IOUPay’s Head of Marketing, Gwen Khor, said, “We are really excited to be working together with Pine Labs, who as a group represent one of the leading merchant commerce platforms in India and Southeast Asia. Opening up our myIOU BNPL service to the rapidly growing community of merchants operating on Pine Labs’ platform adds new payment options to drive sales growth for the merchants.” 

Pine Labs, a company that serves large, mid-sized and small merchants across India and Southeast Asia, has a leading cloud-based software platform that provides merchants with a wide range of payment acceptance and merchant commerce solutions. This includes enterprise automation systems. It has also been used to issue, process, and distribute digital gift cards for corporate customers worldwide.

Meanwhile, in another development, IOUPay Asia has just been certified as being compliant with the Payment Card Industry Data Security Standard (PSI DSS) Version 3.2.1 (Level-1). The PCI DDS, a division of PCI SSC, is a body established by the major payment card brands JBL, MasterCard, Discover, American Express, and Visa. PCI DSS compliance is an internationally recognized standard ensuring that payment platforms operate with a high level of security so that customers can be confident their sensitive payment card information is being handled properly. 

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