It’s clear that as the world heads towards digital banking, banking is no longer just a transactional business, co-founder and CEO of JurisTech, See Wai Hun said.
Now consumers want an end-to-end experience, starting from education to a holistic user experience.
With this acquisition, JurisTech and iMoney are working closely to expand and improve their suite of services and product offerings.
iMoney will be able to leverage on JurisTech’s technology expertise with the aim to become a personal finance management hub for consumers.
Additionally, it will use AI to understand consumer behaviour and match suitable products for them.
“If we are able to achieve straight through processing from the iMoney platform to our banking providers, we should be able to facilitate quicker loan approvals for consumers and improve the overall customer journey,” a representative for both companies told Vulcan Post.
Dictionary Time: Straight Through Processing (STP) is a process that financial companies use to speed up their transaction processing time. The main point of STP is to allow companies to have the same information be streamlined through a process across multiple points.Paystand
On JurisTech’s end, it’ll be able to offer not only technology to its clients, but also holistic end-to-end services.
With iMoney’s consumer know-how and capabilities, JurisTech can now offer financial services marketing to its clients.
Coming Just After A Major Shareholder Exit
See further explained JurisTech’s decision for the acquisition, saying, “iMoney is already a well-known brand in Malaysia for its efforts in lifting the financial well-being of Malaysians.”
“By bringing the two businesses together gives us a fantastic platform to offer complete solutions for both B2B and B2C partners in the finance and banking industry.”
Not only is JurisTech able to leverage on iMoney’s branding, but it’ll also gain access to its consumer behaviour insights and refine its services and products based on that.
Founded in 2012, iMoney has since been frequented by millions of consumers to learn about personal finance matters as well as compare and apply for financial and utility products.
It’s also served as a platform for some of the largest banks, insurance companies, takaful operators and government bodies to reach consumers and educate them on money management and financial products.
On the other hand, JurisTech was founded in 1997 amidst the Asian financial crisis.
It specialises in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.
This acquisition comes just a few weeks after Australian Securities Exchange-listed iSelect Ltd sold its investment in iMoney to one of the founders of the company.
According to The Edge, it was its largest shareholder, with iSelect’s 2019 annual report stating that the group held a 84.3% stake in iMoney.
Editor’s Note: We’ve reached out to iMoney to learn more details about the acquisition and its effect on both JurisTech and iMoney. We’ll update the piece once we receive their responses.
Editor’s Note (updated 26/08/20 at 3:35PM): We’ve since updated the article by adding information from our interview with iMoney, who answered in conjunction with JurisTech.
- You can learn more about JurisTech here, and iMoney here.
- You can read more fintech articles we’ve written here.
Featured Image Credit: iMoney