Malaysian financial literacy provider, MoneyTree (M) Sdn Bhd and Malaysia’s largest financial comparison website, iMoney.my recently entered into a regional collaboration that will expand both organisations’ depth and breadth of services in the region.
Michael Reyes, Founder and CEO of MoneyTree Asia Pacific, and Lee Ching Wei, CEO of iMoney Sdn Bhd signed the memorandum of understanding on behalf of their respective organisations.
Under the agreement, MoneyTree will be utilising iMoney’s existing platforms to educate children about financial literacy, as well as, leverage on its existing database to expand their base in Malaysia and Southeast Asia.
IMoney will be integrating MoneyTree’s youth-friendly content into their existing platforms, as well as, tap into MoneyTree’s networks to reach more users in the vital consumer segment.
Recent statistics released by the Malaysian Credit Counseling and Debt Management Agency shows that about 60% of individuals seeking financial help are below the age of 40, while 15% are those in their 20s. Mismanagement of credit cards has been identified as one of the most significant cause of financial problems.
“With the partnership, iMoney is able to reach out to more youths, an initiative which supports the national strategy to push financial education as outlined in the ETP and the Financial Sector Blueprint,” said Lee.
“Every month, iMoney has over 240,000 visitors in Malaysia, and another 50,000 visitors throughout the region. The majority of our visitors are between the age of 25 and 40 years old, who are likely parents with children, and can benefit from MoneyTree’s financial literacy and entrepreneurship programme, which are sound and proven programmes, to effectively complete our stable of personal finance offerings,” he said.
“With the collaboration, MoneyTree will be able to leverage iMoney’s existing presence in the Philippines, and Thailand, to further expand our footprint in South-East Asia. MoneyTree will also be able to tap into the strong database that iMoney has gathered in the region,” said Reyes.
“With iMoney’s real-time personal finance information, we will be able to create an even bigger impact with our youth and children, and efficiently help them navigate the increasingly complex financial landscape while deepening their knowledge in personal finance,” he added.
MoneyTree currently has a presence in Malaysia and Singapore and is seeking to expand to Indonesia, Thailand and the Philippines next year.
MoneyTree, established in 2009, runs financial literacy programmes that are endorsed by the Ministry of Education Malaysia, and is the creator of the financial literacy animated hit, CashVille Kidz which garnered more than a million viewers in its maiden season.
Currently, MoneyTree programmes have been integrated in about 8,000 schools nationwide, and 15 leading private and public higher education institutions in Malaysia.
CashVille Kidz is sponsored by Maybank Foundation and recently clinched the prestigious EFMA and Accenture Distribution and Marketing Innovation Awards for Retail Banks, a global award which acknowledges groundbreaking innovations worldwide.
IMoney, established in 2012, is currently the leading financial comparison website in the country. The site, in Malaysia, has assisted close to 50,000 in their applications for banking products. Regionally, iMoney partners 42 financial institutions in Malaysia, Indonesia, Philippines, Thailand, Singapore and Hong Kong.