Jirnexu Sdn Bhd or known as the parent company of RinggitPlus, has announced they are taking over Singapore-based MoneyHero Limited’s Malaysia branch that goes by the name of CompareHero.
The acquisition marks quite a significant milestone because it will reinforce Jirnexu’s market leadership and broaden its reach to spread its service powered by industry-leading proprietary technology toward a larger customer base in the local market.
Expecting an early finalization this month, this doesn’t spell complete “complete exit” for MoneyHero Group because they will still maintain equity in Jirnexu so in a practical sense, they are shifting from an operator role into an investor, and gaining the potential to maximize the value of its interests in Malaysia through Jirnexu’s growth.
MoneyHero Group will also reallocate resources to growth opportunities in its core markets to continue delivering value to its shareholders.
As for the products and services, there will be new benefits that can be provided to consumers as below:
- Personalized Recommendations: Several in-house solutions including a credit score-based recommendation engine built into a WhatsApp chatbot will be added to CompareHero which will recommend financial product recommendations based on the likelihood of approval
- Streamlined Application Process: Almost everything can be done through the WhatsApp chatbot, simplifying the overall digital application experience
- Exclusive Deals: Sign-up deals will be provided to consumers of both brands
Since the founding of Jirnexu in 2012 and the establishment of RinggitPlus in 2013, the company has and is still empowering consumers to make informed financial decisions. Pioneering full-stack FinTech solutions with XpressApply, a proprietary technology that streamlines the digital application process for both customers and financial institutions, this innovation has improved efficiency and significantly reduced drop-off rates thanks to the enhanced user experience.
This acquisition reaffirms Jirnexu’s commitment to financial inclusion and innovation because it aligns with its vision of becoming the trusted brand in Malaysia’s financial solutions marketplace, solidifying its position within the fintech industry.
Here are the statements provided by the leading executives of both companies.
“This acquisition marks a significant step forward in our mission to empower Malaysians with the tools and resources they need to make informed financial decisions. By combining the strengths and expertise from both RinggitPlus and CompareHero, we are expanding our ecosystem for all things personal finance to better serve Malaysians.” – Yuen Tuck Siew, Chief Executive Officer of Jirnexu Sdn Bhd
“From the early stages of development throughout its time as part of MoneyHero’s portfolio of brands, CompareHero grew into one of the top personal finance comparison and aggregator platforms in the Malaysia market, second only to Jirnexu. Now fully merged into Jirnexu, users of CompareHero can expect absolute continuity with their service, as well as the same high levels of quality, capabilities, and innovation. This transaction represents our renewed commitment to the Malaysia market, taking a long-term view with a more investor-based approach as we continue to drive shareholder value and make personal financial decisions easier for consumers each and every day.” – Rohith Murthy, Chief Executive Officer of MoneyHero
