By The Nation
CompareAsiaGroup, one of Asia’s financial management platforms for banking and insurance products, is the parent company of MoneyGuru.co.th, a leading financial-management platform in Thailand.
The announcement comes after CompareAsiaGroup made a substantial investment in digital resources, including the launch of the CompareAsiaGroup Technology and Research and Development Centre in Singapore last year, which allows it to offer customers more personalised services.
Through this investment, and subsequent access to Experian’s technology, CompareAsiaGroup companies will benefit from utilising Experian’s digital onboarding platform, decision management and eligibility scoring services.
Southeast Asia, with its population of over 600 million, is a high-growth region for CompareAsiaGroup. According to KPMG, almost three-quarters of the population (73 per cent) do not have a bank account, and though this is not as prevalent in its more mature economies, a significant proportion of consumers appear to lack comprehensive understanding of insurance, investment, retirement planning, and financial tools.
Meanwhile, though more than 80 per cent of consumers in Thailand have access to financial services, World Bank data indicates that only 20 per cent of them have borrowed from a financial institution or have used a credit card. This suggests a possible lack of financial literacy among consumers that can potentially limit the full portfolio of financial products available to them.
However, through its personal finance platform, MoneyGuru.co.th, CompareAsiaGroup hopes to empower consumers in Thailand to build healthier financial lives by helping educate them on financial products by providing comparisons on things such as credit cards, personal loans and insurance.
Dev Dhiman, Experian’s managing director for Southeast Asia and emerging markets, said: “Our investment and partnership with CompareAsiaGroup and MoneyGuru.co.th is an affirmation of Experian’s commitment to help consumers make sound financial decisions. Data-driven insights will be increasingly relevant in Thailand’s digital-first future, especially as it embarks upon initiatives as part of its Thailand 4.0 vision. We’re thrilled at the opportunity to partner with a like-minded industry leader, and look forward to driving a positive impact for consumers in Thailand with MoneyGuru.co.th.”
Prashant Aggarwal, chief commercial officer for CompareAsiaGroup, said: “At CompareAsiaGroup, we’re passionate about helping consumers make better financial decisions. Thailand remains a top priority market for the group and Experian’s technology will enable MoneyGuru.co.th to more efficiently connect consumers with optimal financial recommendations, allowing us to empower a market of about 69 million consumers in Thailand with the ability to build healthier financial lives. We’re confident this partnership with Experian will drive our shared vision of improving financial literacy for consumers that will in turn drive long-term economic progress across Thailand and Asia.”