Ovanti recruits Afterpay executives to relaunch BNPL

• Ovanti (ASX:OVT) hired former Afterpay executives William Parry and Derrick Ongchin to rebuild its Buy Now, Pay Later businesses.
• Following the announcement, Ovanti's share price was unchanged at $0.007.
• The company aims to re-enter Southeast Asia and expand its transaction operations into the United States market.

Ovanti (ASX:OVT) has appointed former Afterpay executives William Parry and Derrick Ongchin to its advisory board to relaunch its Buy Now, Pay Later platforms, IOUPAY and myIOU.

The move marks a strategic effort to rebuild the company's financial services footprint after its previous operations generated $29 million in total transaction value during the 2022 financial year.

"Messrs Parry and Ongchin were instrumental in building Afterpay from a start-up into a multi-billion dollar BNPL global success story," the company said.

Under the board-approved plan, the business will execute a staged rollout starting across Asian markets before expanding into the United States.

Following the announcement, the Ovanti share price was unchanged at $0.007.

The platform previously reached an intraday market capitalisation peak of approximately $384 million in February 2021 while operating the IOUPAY platform.

The company recently expanded its digital strategy by launching Ominari, a prediction market platform designed for major global sporting events.