iMoney Has Been Acquired By Malaysian Fintech Company JurisTech
Juris Technologies (JurisTech), a Malaysian fintech company has announced its acquisition of iMoney, another Malaysian fintech company.
It’s clear that as the world moves towards digital banking, banking is no longer just a transactional business, said See Wai Hun, co-founder and CEO of JurisTech.
Now consumers want an end-to-end experience, from education to a holistic user experience.
With this acquisition, JurisTech and iMoney will work hand in hand for marketing to consumers, integrating them digitally, providing immediate decision making through AI and straightforward processing.
In essence, the goal is to provide more refined product matching capabilities and improve the customer journey of applying financial products.
Further explaining JurisTech’s decision to acquire, See said, “iMoney is already a well-known brand in Malaysia for its efforts to improve the financial well-being of Malays”.
“The combination of the two companies gives us a fantastic platform to offer complete solutions to B2B and B2C partners in the financial and banking industry.”
Leveraging iMoney’s branding, which is popular among everyday consumers, will also provide JurisTech with a new target market.
Coming soon after the departure of a major shareholder
Founded in 2012, iMoney has since been frequented by millions of consumers to learn more about personal finance matters, as well as to compare and apply for financial and utility products.
It has also served as a platform for some of the biggest banks, insurance companies, takaful operators, and government agencies to reach out to and educate consumers on money management and financial products.
On the other hand, JurisTech was founded in 1997 in the midst of the Asian financial crisis.
He specializes in enterprise software solutions for banks, financial institutions and telecommunications companies in Malaysia, South East Asia and beyond.
The acquisition comes just weeks after the Australian-listed iSelect Ltd sold its investment in iMoney to one of the company’s founders.
According to The Edge, this was its largest shareholder, with iSelect’s 2019 annual report indicating that the group had an 84.3% stake in iMoney.
Editor’s Note: We reached out to iMoney to find out more about the acquisition and its effects on JurisTech and iMoney. We will update the article once we receive their responses.
- You can read more about JurisTech here and iMoney here.
- You can read more fintech articles than we’ve written here.
Featured Image Credit: iMoney
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