Annual Report to Shareholders
Melbourne, Mar 31, 2022 AEST (ABN Newswire) - In 2021 the iSignthis Ltd (ASX:ISX) (TA8:FRA) completed the demerger from ISX Financial EU Plc ('ISX EU'). Post the demerger of ISX Financial EU Plc from iSignthis Ltd, the Company retained one subsidiary iSignthis Australia Pty Ltd (ISAU). ISAU is an Australian principal member of Mastercard. The Company also retains card acquiring licences from ChinaUnionPay, Diners Discover and American Express, in addition to Mastercard, for the Australian region.
Post the demerger the Company is now at the early stages of rebuilding its Australian strategy, as it looks to how it can commercialise the licences it holds in Australia.
Further the Company will continue to focus on its ongoing legal action against the Australia Securities Exchange (ASX).
Post the demerger of ISX Financial EU Plc from iSignthis Ltd, the Company retained the ISAU business unit. ISAU is an Australian principal member of Mastercard. Its licence, is presently for card acquiring, however, this can be extended to card issuing and to include Mastercard Send and Home Send services. ISX Financial EU Plc and ISAU have entered into a technical gateway services agreement for access to the PCI DSS level 1 certified ISXPay gateway on a per usage basis. The Company also retains card acquiring licences from ChinaUnionPay, Diners Discover and American Express, in addition to Mastercard, for the Australian region. With licences and the payment gateway agreement in place, the Company is at the early stages of rebuilding its Australian strategy and will now look as to how it can commercialise these licenses for future growth.
The Company has also identified opportunities under the Consumer Data Right (CDR) regulations that are supervised by the Australian Consumer and Competition Commission, with its subsidiary ISAU considering its approach to a license application.
The Company will seek shareholder approval for a name change at the forthcoming general meeting of shareholders.
Further, post the demerger the Company will focus its efforts in 2022 in its legal action taken against the Australian Securities Exchange (ASX). The Company's current statement of claim totals $464.7 million. Due to delays in Australian courts, as a result of the COVID-19 pandemic the Company cannot provide an expected timeline for the court action.
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About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.