u/Lanky_Win9805

DigiAsia (FAASF) — Short DD

US-listed Indonesian fintech, voluntarily delisted from Nasdaq, now on the OTC

Expert Market. Thesis hangs on a pending merger giving FAAS around 49% of

PayMate, an Indian B2B payments platform with Mastercard as an investor and

Visa as a card network partner.

Access angle

Most US retail brokers (Schwab, Fidelity, IBKR retail, Robinhood) block Expert

Market orders entirely. The tier is buyable on a handful of specialty brokers —

SpeedTrader on the US side, Questrade and RBC Direct Investing on the Canadian

side. So the buy-side book is unusually thin, and that thinness cuts both ways

(good for re-rates, bad for exits).

Bull case

Large addressable market (India + Indonesia B2B payments) with regulatory

licenses already in hand. Mastercard and Visa relationships predate the merger.

Pre-delisting valuation was reportedly around $400M USD; current Expert Market

quote reflects illiquidity and disclosure overhang more than fundamentals, so

the re-rate math on a return to a real tier is asymmetric. Access asymmetry

also matters here — when most retail can't buy, sustained demand on catalysts

hits a thin offer.

Bear case

FY2024 and FY2025 annuals are both overdue. Auditor has changed three times

(BDO India to EC Barrett to Mercurius) — that pattern is its own yellow flag.

Expert Market is the tier reserved for issuers that don't meet basic disclosure

requirements. There's a reason most brokers block it.

Convertible notes outstanding (Scieniti and CXI) still leave real dilution risk

on the table. The Helena piece has been resolved, but the remaining structure

can still convert into a meaningful share count if drawn.

The PayMate deal structure (subsidiary vs. parent) has been ambiguously

disclosed.

More funding likely needed before any of the catalysts hit.

What to watch

Late annuals dropping is the single biggest binary event. Clarification on the

PayMate merger structure. Move off Expert Market to Pink Current or higher.

Highly speculative, illiquid, binary. Could re-rate meaningfully on filings

plus uplist, or grind lower if dilution lands before catalysts do. Position

sizing matters more than the thesis here.

DYODD. Not financial advice. I have a position on FAASF.

Quirky setup: this is a US-listed Indonesian fintech now on the OTC Expert Market, and Canadian retail can actually buy it — Questrade and RBC Direct Investing both route Expert Market orders, while most US retail brokers (Schwab, Fidelity, IBKR retail, Robinhood) block the tier entirely. So the buy-side book is unusually thin and skewed toward Canadian + a few US specialty brokers like SpeedTrader.

Setup

FAAS voluntarily delisted from Nasdaq. Pending merger gives them around 49% of PayMate, an Indian B2B payments platform with Mastercard as an investor and Visa as card network partner. Pre-delisting valuation was reportedly around $400M USD; current market cap is a small fraction of that.

Bull case

Large addressable market (India + Indonesia B2B payments), licenses already in place. Mastercard and Visa relationships predate the merger. Asymmetric re-rate math if filings come current and they move off Expert Market. And the access asymmetry itself matters — when 95% of retail can't buy, sustained demand on catalysts hits a thin offer.

Bear case

FY2024 and FY2025 annuals are both overdue. Three auditor changes (BDO India to EC Barrett to Mercurius) — that pattern is its own flag. Expert Market is the tier for issuers not meeting basic disclosure standards; the Canadian-broker access is a feature for buyers but doesn't change the underlying reason it's there. Convertible notes outstanding (Scieniti and CXI) still leave real dilution risk on the table — the Helena piece has been resolved, but the remaining structure can still convert into a meaningful share count if drawn. The PayMate deal structure (subsidiary vs. parent) has been ambiguously disclosed. And they likely need more funding before any of the catalysts hit.

Canadian-specific watch-outs

Almost certainly not TFSA or RRSP eligible. Expert Market tickers generally aren't qualified investments under CRA rules. Hold in a non-registered account unless your broker confirms otherwise — the penalty tax for holding non-qualified investments in a TFSA is brutal.

CAD/USD conversion plus Norbert's Gambit if you're sizing meaningfully, otherwise the FX spread eats a chunk.

Exiting an Expert Market name is harder than entering. Have a plan for what happens if filings don't drop on the timeline you expect.

What to watch

Late annuals dropping is the biggest binary. PayMate merger structure clarification. Move off Expert Market to Pink Current or higher.

Highly speculative, illiquid, binary. Asymmetric, but the asymmetry cuts both ways.

DYODD. Not financial advice. I have a position on FAASF.

DigiAsia (FAASF) — Short DD

Indonesian fintech, voluntarily delisted from Nasdaq, now on the OTC Expert Market. Thesis hangs on a pending merger giving FAAS ~49% of PayMate, an Indian B2B payments platform with Mastercard as an investor and Visa as a card network partner.

Bull case

• Large addressable market (India + Indonesia B2B payments) with regulatory licenses already in hand
• Mastercard / Visa relationships predate the deal
• Pre-delisting valuation was reportedly around $400M; the current Expert Market quote reflects illiquidity + disclosure overhang more than fundamentals, so the re-rate math on a successful return to a real tier is asymmetric
• Limited float available for purchase — only a few brokers (SpeedTrader, Questrade, RBC in Canada) currently route Expert Market orders

Bear case

• FY2024 and FY2025 annuals are both overdue. Auditor has changed three times (BDO India → EC Barrett → Mercurius) — that pattern is its own yellow flag
• Expert Market = the tier reserved for issuers that don't meet basic disclosure requirements. There's a reason most brokers block it
• Convertible note structure (Helena / Scieniti) could in principle convert into ~1.59B shares at $0.01. Dilution risk is real, not hypothetical
• The exact target of the PayMate deal (subsidiary vs. parent) has been ambiguously disclosed
• More funding likely needed before any of the catalysts hit

What to watch

• Late annuals dropping — the single biggest binary event
• Clarification on the PayMate merger structure
• Move off Expert Market to Pink Current or higher

Highly speculative, illiquid, binary. Could re-rate meaningfully on filings + uplist, or grind lower if dilution lands before catalysts do. Position sizing matters more than the thesis here.

DYODD. Not financial advice. No position disclosure obligation, but mention yours when you post — the sub will ask.

DYODD. Not financial advice. I have a position on FAASF.

DigiAsia (FAASF) — Short DD

US-listed Indonesian fintech, voluntarily delisted from Nasdaq, now on the OTC Expert Market. Thesis hangs on a pending merger giving FAAS ~49% of PayMate, an Indian B2B payments platform with Mastercard as an investor and Visa as a card network partner.

Access angle

Most US retail brokers (Schwab, Fidelity, IBKR retail, Robinhood) block Expert Market orders entirely. The tier is buyable on a handful of specialty brokers — SpeedTrader on the US side, Questrade and RBC Direct Investing on the Canadian side. So the buy-side book is unusually thin, and that thinness cuts both ways (good for re-rates, bad for exits).

Bull case

• Large addressable market (India + Indonesia B2B payments) with regulatory licenses already in hand
• Mastercard / Visa relationships predate the merger
• Pre-delisting valuation was reportedly around $400M USD; current Expert Market quote reflects illiquidity + disclosure overhang more than fundamentals, so the re-rate math on a return to a real tier is asymmetric
• Access asymmetry: when most retail can't buy, sustained demand on catalysts hits a thin offer

Bear case

• FY2024 and FY2025 annuals are both overdue. Auditor has changed three times (BDO India → EC Barrett → Mercurius) — that pattern is its own yellow flag
• Expert Market is the tier reserved for issuers that don't meet basic disclosure requirements. There's a reason most brokers block it
• Convertible notes outstanding (Scieniti and CXI) still leave real dilution risk on the table — the Helena piece has been resolved, but the remaining structure can still convert into a meaningful share count if drawn
• The PayMate deal structure (subsidiary vs. parent) has been ambiguously disclosed
• More funding likely needed before any of the catalysts hit

What to watch

• Late annuals dropping — the single biggest binary event
• Clarification on the PayMate merger structure
• Move off Expert Market to Pink Current or higher

Highly speculative, illiquid, binary. Could re-rate meaningfully on filings + uplist, or grind lower if dilution lands before catalysts do. Position sizing matters more than the thesis here.

DYODD. Not financial advice. I have a position on FAASF.