I Synergy Limited Launches e-Wallet My Smart Shopper
I Synergy Group Ltd (ASX: IS3) stock fell by more than 20%, days after announcing the launch of an e-wallet feature for its retail affiliate program, My Smart Shopper (MSS). Following the launch, the company has already signed a memorandum of understanding with Fass Payment Solutions. The two are joining forces to work on the development of another MSS e-Wallet dubbed MSS Pay.
The MSS Pay solution that the two are working on will offer a full scale integrated point of sale transaction channel. Consumers will be able to use it to complete both cash and cashless transactions. The proposed e-wallet system should also provide an added convenience for users when undertaking digital transactions.
MSS continues to gather traction as a retail affiliate-marketing solution. While facilitating both offline and online retail businesses, the solution continues to drive leads and sales to outlets and platforms. To date, the solution has already attracted more than 2,500 participating merchants as well as 3 million members.
Identitii financial down more than 20%
Identitii Ltd (ASX: ID8) stock was down by more than 20% days after reporting impressive financial results and updates for the September Quarter. During the quarter, the company achieved significant milestones key among them being the expansion of relationships with tier one banking customer HSBC.
In August, the company signed a five-year license to provide the Overlay + Platform to the HSBC Bank Australia. The new license presents a new opportunity for the commercialization of the Overlay + technology as part of the company’s growth strategy. Identitii stands to generate significant revenues from the license agreement through professional service fees.
The company also got the nod from the Australian Competition Consumer Commission to start testing a new open banking ecosystem opening up yet another exciting opportunity. The approval paves the way for Identitii to apply for accreditation to start accessing open banking data.
Identitii also registered a 17% increase in cash receipts in the quarter that came in at $0.177 million from $0.151 million reported a year ago. The increase stems from recurring license fees from HSBC in addition to other revenue from proof of value exercises.
DomaCom Australian Tax Office Agreement
DomaCom Australia Ltd (ASX: DCL) stock dropped by 11%, even on announcing reaching of an agreement with the Australian Tax Office. Under the terms of the agreement, ATO will not apply compliance resources as part of the Sole Purpose Test. Consequently, trustees will now be able to make PT declaration when making an investment
The agreement will also ensure that SMSF trustees no longer hold on to SMSF for collateral purposes. According to the Chief Executive Officer, Arthur Naoumidis, SMSFs will now be able to proceed into investing in DomaCom property sub-funds.
DomaCom operates an investment platform that provides MSSF market and long-term investors to invests in a wide range of assets from real estate to back and debt securities.