BNPL app myIOU cashes in on new brand ambassadors

Fintech company IOUpay has appointed Hong Kong artiste Priscilla Wong, and local actor Syafiq Kyle as brand ambassadors for its buy now pay later app, myIOU. Wong (pictured left) is a TVB actress and TV host who has gained popularity amongst viewers in Southeast Asia since 2012. Meanwhile, Syafiq (pictured right) is a homegrown actor and a model for several international fashion brands, including MSGM, Hackett London, and Salvatore Ferragamo.

According to myIOU, both individuals were chosen due to their influential power in today's consumer market. They will represent myIOU in the company's major marketing campaigns and also share the benefits of using myIOU with their fans.

"Malaysia is my second home, I still keep in touch with people and things around here. I hope the way of spending smartly using myIOU can be extended to all my fans," Wong said. Meanwhile, Syafiq said: "After a few months of using the myIOU app, it has helped me a lot in managing my expenditures, specifically by making interest-free purchases and splitting payments up to six months." While the spokesperson declined to comment on the monetary value of the partnership, she said it runs until 31 December this year.

At the same time, IOUpay also launched a new myIOU app, dubbed as the myIOU App 2.0 with a newly refined interface for easy navigation. MyIOU’s new interface is introduced with a minimalist design to enhance user experience and the refined interface allows a more instinctive navigation. The new design enables easier access to available merchants or brands across all categories for a better shopping experience. In addition, promotions and rewards are highlighted to increase its visibility to consumers.

The brand worked with several organisations for the refresh, from the UI and UX, to website and app enhancement. They included Evada Solutions, Gaventure Studio, and The Origins Production. While IOUpay did not reveal the exact monetary value of the refresh, its spokesperson said: "The monetary value involved is a valuable amount to ensure the improved performance and better shopping experience for all the users."

The app had 61k users as of 15 March this year. It hopes to hit 100k users by the end of the year. Apart from that, it is also expecting an increement of active users to 45% from the current average 30%.

IOUpay's overall marketing plan to promote the new app will involve online and offline coverage including social media, influencer endorsement, billboards, and roadshows. Apart from that, it is also working closely with related industry partners and its merchants to promote the usage of the app.

According to IOUpay's head of marketing, Gwen Khor, Malaysia remains a key driver for buy now pay later growth. The app now has more than 1,000 active merchants that operate in over 3,000 physical and online stores nationwide. These range from fashion and automotive to electronics and gadgets.

Merchants on the platform include Senheng, Hewlett Packard, Neal’s Yard Remedies, Box of Bricks, Darson Electronics, Lazo Diamond, Wah Lee, 5 Star Fitness, The Guitar Stores, Clock Family and Artisan Creative Studio. In conjunction with the launch of myIOU App 2.0, a 5-day roadshow was held at IOI City Mall, Putrajaya to promote the new app. The roadshow featured myIOU's merchants which included All IT Hypermarket, Gintell, and Brooks.

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