The first quarter was affected by Wuhan where supply chain problem affected online deliveries. During the quarter, managrment indicated that refunds have increased. That explains the slowdown in ETP.

If you compare qoq, administrative expenses grew by RM 1 million instead of RM 2.5 million. What is Revenue expanding into when all three segments showed slow business in past quarter? Again, no transparency from the management.

Dax venture is a property rental platform. Management should review more about this start up investment.

Foreign brokerage are offering very attractive rates. The trouble seems to be withdrawing funds from the brokerage account into local bank account. Maybank and CIMB has tightened criteria and no longer accept singapore account application without employer pass or education proof (please correct me if I am wrong)

The next leg up for Revenue will come from the official launch of the money lending business. It has registered a subsidiary for a trial run

Revenue is still stucked in the traditional payment processor business model

I would like to see Revenue venturing into the ewallet space but I am uncertain whether the management has the capability to do so. Ewallet is part of the buyer ecosystem. It will be a huge deal for Revenue and will only increase their competitive advantage. As shown by many payment processors abroad, dominating only the seller ecosystem is not enough

The problem with QR payment is that it is not secure. Recent fraud cases with touch and go pay exposed this problem. In addition, ewallet players cannot keep on charging zero merchant discount rate. At some point, they will have to monetize it.