Malaysia approves IOUPay's acquisition of money lender Sibu Kurnia

The Malaysian government approved the transfer of the shares and control of moneylender Sibu Kurnia Marine Sdn. Bhd. to Australian financial technology firm IOUpay Ltd.

Sydney-based IOUPay obtained a money lending license in Malaysia in January 2021 after it acquired 100% of Sibu Kurnia's ordinary shares, allowing it to offer buy-now, pay-later services in the country.

The delay in providing government consent to the transaction was due to the COVID-19 pandemic as well as the impacts from various changes in the Malaysian government in the past year, according to a Jan. 14 release.