IOUpay appoints Malaysian investment banker with corporate finance and advisory expertise as new chairman

IOUpay has appointed a new chairman with extensive experience in the Malaysian financial sector, particularly around Islamic capital markets and corporate finance, as it prepares to obtain Shariah compliance certification.

Malaysia-focused fintech IOUpay (ASX:IOU) announced the appointment of an experienced investment banking and corporate advisory expert in the country as the new non-executive chairman and non-executive director.

Dato’ Wan Ahmad is based in Kuala Lumpur and brings over 25 years of corporate advisory and investment banking experience with some of Malaysia’s leading financial institutions.

Wan Ahmad is Managing Director of DWA Advisory (DWA), a business advisory firm he founded in 2013, where he successfully led a team of 12 people.

The company has been involved in mergers and acquisitions and fundraising activities with a cumulative transaction value of over $1.5 billion.

Experience in Islamic finance

Prior to DWA, Wan Ahmad spent nearly a decade in various management positions at Maybank Investment Bank Berhad, Kuala Lumpur.

Maybank is Malaysia’s largest bank and Malaysia’s largest listed company with a global network primarily focused on Southeast Asia.

His roles included EVP/Head of Islamic Capital Markets and EVP/Head of Transactions, Equity Capital Markets, which culminated in his appointment as COO of the bank’s Saudi Arabia division in 2009.

Wan Ahmad’s appointment comes as IOUpay prepares to gain a foothold in the Islamic finance sector with Southeast Asia, and more specifically Malaysia, which has large Muslim populations.

The company has myIOU Islamic under development, to comply with the tenets of the Islamic faith.

IOUpay has worked closely with a duly licensed independent global Shariah advisory firm to achieve Shariah compliance certification for its myIOU BNPL service offering.

Shariah compliance certification is scheduled for the first quarter of FY23.

Valuable skills

Wan Ahmad is one of nine members of the Market Participants Committee of the Malaysian National Securities Exchange, Bursa Malaysia.

He is also Chairman of the Association of Corporate Finance Advisers (Malaysia) and a member of the Pahang State Development Corporation.

Wan Ahmad holds a Bachelor of Business Administration (1989) and Master of Business Administration (1996) from Temple University, Philadelphia, USA.

Asset for IOUpay

Acting Chairman and one of the founders of IOUpay’s Mobile Banking Division, Lee Chin Wee, will continue in his role as Executive Director to serve as Group CEO and has been appointed Managing Director of IOUpay with immediate effect. .

Mr. Lee said Wan Ahmad’s experience will be an asset to IOUpay, especially as it embarks on further market expansion.

“Dato’ Wan not only brings valuable corporate advisory and investment banking experience, but also has strong regulatory and compliance skills for listed companies,” he said. .

“We look forward to Dato’ Wan’s contribution to the leadership and strategy of the business as we enter our next phase of business development and market expansion.”

Wan Ahmad was appointed to the IOUpay Board of Directors as a non-executive director and elected non-executive chairman effective June 30, 2022.

This article was developed in conjunction with IOUpay, a Stockhead advertiser at the time of publication.

This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.

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