iMoney and MoneyTree in regional tieup
By Karamjit Singh November 11, 2013
- Possible precursor to corporate activity between the parties
- Each will leverage on the other’s regional footprint
IN a bid to boost their respective regional ambitions, Malaysia’s financial literacy provider MoneyTree and the country’s largest financial comparison site by traffic iMoney have entered into a memorandum of understanding (MoU) that they hope will expand both organisations’ depth and breadth of services in South-East Asia.
Both organisations are in the midst of working out the finer details, so it is likely this MoU will result in some form of an agreement.
When asked by Digital News Asia (DNA), iMoney chief executive officer Lee Ching Wei (pic, left) declined to comment on whether this could be a precursor to an acquisition by either party.
Under the MoU, MoneyTree will use iMoney’s existing platforms to educate children about financial literacy, as well as leverage its database to expand MoneyTree’s base in South-East Asia. The platforms concerned consist of iMoney’s website, the community it has built, and the relationships and partnerships established.
On the other hand, iMoney will be integrating MoneyTree’s content into its existing platforms, as well as tap into MoneyTree’s networks to reach more users in the vital consumer segment.
Recent statistics released by the Credit Counseling and Debt Management Agency (AKPK) showed that about 60% of individuals seeking financial help were below the age of 40, while 15% were those in their 20s.
Mismanagement of credit cards has been identified as one of the most significant cause of financial problems, iMoney and MoneyTree said in a joint statement.
“Every month, iMoney has over 240,000 visitors in Malaysia, and another 50,000 visitors throughout the region.” Unique visitors make up 80% of this number, Lee clarified.
“The majority of our visitors are between the age of 25 and 40 years old, who are likely parents with children, and can benefit from MoneyTree’s financial literacy and entrepreneurship programmes, which are sound and proven, to effectively complete our stable of personal finance offerings,” he added.
Meanwhile, Michael Reyes (pic above, right), founder and CEO of MoneyTree Asia Pacific, said that “with the collaboration, MoneyTree will be able to leverage on iMoney’s existing presence in Philippines and Thailand, to further expand our footprint in the South-East Asia region.
“MoneyTree will also be able to tap into the strong database that iMoney has gathered in the region,” he added.
MoneyTree currently has a presence in Malaysia and Singapore and is seeking to expand into Indonesia, Thailand and the Philippines next year.
MoneyTree, established in 2009, runs highly successful financial literacy programmes which are endorsed by Malaysia’s Ministry of Education, and is the creator of the financial literacy animated hit, CashVille Kidz which garnered more than a million viewers in its maiden season.
iMoney, established in 2012, is currently the leading financial comparison website in the country. The site has assisted close to 50,000 people in their application for banking products in Malaysia, the company claims.
Regionally, iMoney partners 42 financial institutions in Malaysia, Indonesia, Philippines, Thailand, Singapore and Hong Kong.
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