Ovanti appoints Afterpay founders to lead BNPL relaunch in Asia

Afterpay Veterans Lead Ovanti’s BNPL Revival

Ovanti Limited (ASX:OVT) has secured a major boost to its Buy Now, Pay Later (BNPL) ambitions by appointing William “Billy” Parry and Derrick Ongchin, two of Afterpay’s earliest and most influential executives, to its Advisory Board. Both played critical roles in scaling Afterpay into a global BNPL powerhouse before its acquisition by Block Inc for approximately US$29 billion.

Parry, one of Afterpay’s first 20 hires and former Head of Sales for North America, and Ongchin, Afterpay’s first US product hire with deep experience in product, credit, risk, and identity, will guide Ovanti’s relaunch of its BNPL platforms IOUPAY and myIOU. The relaunch will initially focus on Malaysia, with plans to expand into other Asian markets and the US.

Rebuilding BNPL Presence with Strong Foundations

Ovanti’s BNPL business previously operated in Southeast Asia, with myIOU recording A$29 million in Total Transaction Value (TTV) during FY22. At its peak in early 2021, when operating as IOUPAY, Ovanti’s market capitalisation reached approximately A$384 million. However, the business was narrowed and discontinued in 2023 due to insufficient scale and income under its previous funding model.

The company now aims to relaunch with a more disciplined approach, applying lessons learned to build a sustainable, high-quality BNPL operation. This includes tighter performance gates, stronger governance, and responsible risk management, integrated into Ovanti’s existing fintech and SuperApp ecosystem.

Leveraging Deep BNPL Expertise and Regional Infrastructure

Parry and Ongchin bring complementary expertise spanning merchant acquisition, product development, credit decisioning, identity verification, fraud prevention, and regulatory compliance. Their combined experience covers the full BNPL operating model, from go-to-market strategies to scalable technology platforms.

Ovanti plans to leverage its established regional fintech infrastructure, including its subsidiaries iSentric and Datamorph, which have extensive experience in mobile banking, authentication, digital payments, and transaction processing across Asia. This foundation is seen as a key competitive advantage in targeting the Asia-Pacific region, which is forecast to be the world’s largest and fastest-growing BNPL market, expected to reach US$259 billion in 2026 and expand beyond US$450 billion by 2031.

Execution Strategy and Market Opportunity

The BNPL relaunch will follow a staged rollout, starting with Malaysia and expanding to other jurisdictions as regulatory, funding, and operational milestones are met. The company emphasizes a mobile-first, transparent instalment product tailored to local consumer and merchant needs, supported by robust credit, fraud, and identity frameworks.

Ovanti’s Board has approved a disciplined execution framework, including controlled pilots with clear performance gates before scaling. This measured approach aims to rebuild shareholder value through sustainable unit economics and disciplined capital deployment.

Asia-Pacific’s BNPL sector has rebounded strongly from the 2022 downturn, with US transaction volumes growing about 20% annually to an estimated US$70 billion in 2025. Ovanti’s focus on Asia-Pacific’s dynamic e-commerce and digital wallet ecosystems positions it to capture significant market share.

Market Validation and Next Steps

The appointments of Parry and Ongchin signal strong validation of Ovanti’s BNPL strategy from executives instrumental in building one of the most successful BNPL businesses globally. Chairman and CEO Daler Fayziev highlighted the credible, execution-led pathway their involvement brings to Ovanti’s ambitions in Asia, the US, and Europe.

While the company’s prior BNPL operations demonstrated commercial traction with millions in transactions and tens of thousands of activated consumer accounts, the relaunch will apply enhanced governance and risk controls to ensure sustainable growth. The market will be watching how Ovanti translates this expertise and infrastructure into tangible performance improvements and competitive positioning.