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 will be working hand in hand for marketing to consumers, onboarding them digitally, providing immediate decision-making through AI, and straight-through processing.
In essence, the aim is to provide more refined product matching capabilities and improving the customer journey of applying financial products.
Further explaining JurisTech’s decision for the acquisition, See said, “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.”
Leveraging on iMoney’s branding that’s popular among everyday consumers will provide JurisTech with a new target market too.
Coming Just After A Major Shareholder Exit
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.
- You can learn more about JurisTech here, and iMoney here.
- You can read more fintech articles we’ve written here.
Featured Image Credit: iMoney