iMoney, MoneyTree enter into regional collaboration

MoneyTree and iMoney on Thursday entered into a regional collaboration that will expand both organisations’ depth and breadth of services in the region.

Under the MoU signed by both companies, 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 in turn 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 Credit Counseling and Debt Management Agency (AKPK) showed that about 60% of individuals seeking financial help were below the age of 40 while 15% were 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 Ching Wei, CEO of iMoney.

“Every month, iMoney has over a quarter of a million visitors in Malaysia. The majority of our visitors are between the age of 25 and 40, 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 on iMoney’s existing presence in the Philippines, and Thailand, to further expand our footprint in the South-East Asia region. MoneyTree will also be able to tap into the strong database that iMoney has gathered in the region,” said Michael Reyes, founder and CEO of MoneyTree Asia Pacific.

“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 presence in Malaysia and Singapore and is seeking to expand to Indonesia, Thailand and the Philippines next year.

Currently, MoneyTree financial literacy programmes have been integrated in about 8,000 schools nationwide, and 15 leading private and public higher education institutions in Malaysia.

iMoney, established in 2012, is currently the number one financial comparison website in Malaysia with a presence in neighbouring countries including Indonesia, Philippines, Thailand, Singapore and Hong Kong.