When online personal finance services portal iMoney was launched in 2012, the Malaysian fintech scene was barely in existence but fast forward to today, and the country has been earmarked as a hub for fintech players and innovators.
In an interview with Malay-language daily Utusan Malaysia, iMoney co-founder Lee Ching Wei discussed the early stages of the company, its growth and its future undertakings.
Beginning with only three staff, the company has grown to include 150 employees and operates in six countries: Malaysia, Indonesia, Hong Kong, Thailand, the Philippines and Singapore.
For Lee, the idea for iMoney came about while he was working as a financial consultant on the backdrop of when people had to personally enquire from one bank to another about their products.
“I felt it was difficult for young people like myself back then, so I had the idea to build a website that allows users to compare financial products and services that are in line with their needs,” he told Utusan.
Despite starting off as a lean start-up, iMoney has received more than US$10 million from investors in Singapore, Japan, the US, Australia and Europe over the last four years.
When the company start off five years ago, it began with comparing financial products such as credit cards and personal loans. Today, its services have expanded to products such as insurance, home loans and broadband plans. All services offered are free.
“These days, the challenges we face are the pressure to keep growing and to reach out to the masses, while continually offering services that add value to consumers,” he said.
On growth, among others, Lee said credit-related products such as credit cards, personal loans and broadband packages contribute about 80% to the growth of the company, and the company is expecting to see more positive digits on those three categories in the near future.
As to the future, Lee expressed confidence that iMoney will be a dominant player in the fintech industry, not only in offering comparisons of financial products, but in its attempt to boost financial literacy through its articles and infographics on personal finance.
For more on what iMoney has to say and offer, read the complete interview at Utusan Malaysia.