LOCAL financial technology (fintech) pioneer Jirnexu secured a Series B follow-on investment from information services company Experian.
Experian’s injection of technology and experience will enable Jirnexu’s RinggitPlus.com brand to provide consumers with
tailored experiences by accurately matching consumers to the right financial institutions and products.
Jirnexu has been successful in South-East Asia with RinggitPlus.com, Malaysia’s leading comparison website for financial products such as credit cards, loans and insurance products.
Consumers will enjoy enhanced access to financial information, a better personalised user experience and fairer access to credit.
The other investor in this Series B follow-up investment includes SBI Group, with Experian leading the US$10mil (RM41.5mil) overall funding. Following a US$11mil (RM45.6mil) Series B round earlier this year led by the SBI Group, RinggitPlus.com is set to hit 100% growth in 2018.
With Bank Negara Malaysia’s recent approval of Jirnexu’s request to expand its regulatory sandbox approval, the company will now offer five types of insurance in motor, term life, travel, medical and health, and critical illness on RinggitPlus.com.
The central bank’s previous approval was for digital insurance distribution for motor and term life.
The partnership with Jirnexu via RinggitPlus.com is part of Experian’s ongoing commitment to build an ecosystem of financial marketplaces across the region which aims to empower lending institutions with better consumer insights, while consumers gain with greater access to financial products.
Experian managing director for South-East Asia and Emerging Markets Dev Dhiman said, “Malaysia is a key market for Experian, driven by our largest team in the region of nearly 850 people and partnerships with some of the country’s leading financial service providers.”
He also said while Malaysia has made progress in its inclusion agenda, 4 million (of the population) remains unbanked, according to the World Bank’s recent survey, with many more unable to gain access to formal and regulated forms of credit to drive the next wave of social progress.
“Working with RinggitPlus.com, we hope to match more local businesses and consumers with the financial services they need and deliver on our promise of matching the demand and supply of financial access in the region,” Dhiman said.
Jirnexu chief executive officer Yuen Tuck Siew said, “The ability to match consumer profiles with suitable financial products or services will greatly improve access to credit.
“Besides technology from Experian, the investment will also be used to strengthen our services and fintech solutions portfolio.”
Jirnexu also enables banks, insurance companies and service providers to think mobile-first and innovate the way they acquire customers online and handle their fulfilment among other services.
Its partners include RHB, Citibank,
HSBC, Alliance Bank, Standard Chartered, CIMB, Public Bank, UOB, AEON, AmBank, Manulife, Allianz, Zurich, Etiqa, and RHB Insurance.