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The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

According to an article by Crunchbase on the future of personal finance, data will play a crucial role in the progress of the industry. It predicts a future that is filled with ‘self-driving money’.

“Although still in its infancy with 68 per cent of data professionals working with data for five years or less, data is fueling the future of self-driving money. Newer companies are now utilising data aggregation services and bringing more personalized, quality financial data to the table,” the article wrote.

“Originally, this data was used for one purpose: to keep users informed about their finances.”

After the COVID-19 pandemic, as the use of personal fintech services becomes increasingly popular in every segment in the market, there is a greater push for companies to seize this opportunity. But how exactly is the future of personal finance, according to those who have been active in the community? Lastly, for growth-stage companies working in the sector, what are the factors that they need to consider when preparing for an exit that will it them to the next level in their journey?

These are the questions that Vinod Nair, Founder and CEO at MoneySmart Group, will answer at a fireside chat on Forge Stage on the first day of Echelon Asia Summit 2023, June 14-15, at the Singapore Expo.

Also Read: Echelon: Exploring the future of fintech in Southeast Asia

Empowering users with information

MoneySmart Group is no stranger to the greater Southeast Asia fintech community. The company started out with the aim of empowering its users with the information, tools and advice to make smarter financial decisions.

“We saw many consumers making poor decisions because they didn’t have access to the information they needed and were taken in by smooth-talking salespeople,” it says in an official statement.

MoneySmart provides a financial comparison and content platform for consumers to make informed product choices across a range of banking, insurance and investment products. In addition to that, in Singapore, they also run insurtech platform Bubblegum.

“Bubblegum was born out of a realisation that there is a huge gap between the expectations of today’s digital consumer and the insurance experience today. Digital innovation has transformed our behaviours and the way we order our taxis, groceries and food but the cumbersome insurance customer journey has remained largely unchanged,” the company says.

“As MoneySmart, we decided we were in the best position to lead this change and decided to leverage our years of consumer insights to design great value insurance products and completely transform the digital experience.”

As a leading personal finance portal in the region, MoneySmart Group helps millions of people on their journey to achieve their financial goals. The company is looking to expand its footprint into new markets while introducing new innovations to improve customer experience and outcomes.

The MoneySmart platform is currently available in Singapore, Hong Kong, Taiwan, and the Philippines.

Also Read: Revolutionising fintech in Southeast Asia: AI and ML empower businesses with data

What is next for MoneySmart Group

In a 2021 interview with Tech In Asia, Nair spoke about the two consecutive profitable quarters for the company in late 2020 and early 2021. This happened despite a pandemic that had battered the demand for financial products and services in the first half of the previous year.

Nair attributes the company’s strong showing to its being “focused.”

“We had to make very tough trade-offs [and decide that] we were not going to focus on developing some of the smaller verticals to double down on the ones we thought could work. And thankfully, it paid off,” he said.

Focus is what helps MoneySmart Group in the next stages of its growth.

The company announced plans to list on the Singapore Stock Exchange (SGX) via a reverse takeover deal with hotel operator Asia Pacific Strategic Investments (APS) last year. According to a press release, the deal is worth US$161.7 million.

The purchase consideration will be satisfied by the issuance of new ordinary shares in APS, which will collectively represent 80 per cent of the company’s enlarged share capital upon the expected completion of the acquisition and a listing within H1 2023.

According to Nair, listing via a reverse takeover deal is simpler than an IPO and can provide the currency to pursue M&A opportunities in the future.

“In an RTO, the listing company and vendor agree on the valuation of the target company and pricing of the consideration shares at an early stage of the transaction. Moreover, it is faster and easier because a sponsor can issue shares directly and has the required shareholder support rather than getting help to underwrite the deal like in an IPO,” he says.

“An RTO deal also brings growth capital into the company. This transaction will provide significant growth capital into MoneySmart to accelerate our growth ambitions.”

Also Read: The future of entrepreneurship in fintech

Echelon Asia Summit 2023

Get to know Nair and other industry experts at this year’s Echelon!

Echelon Asia Summit 2023 is happening on June 14-15, at the Singapore EXPO. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

At the Echelon Asia Summit, participants get the chance to attend a diverse range of sessions, including keynote speeches, panel discussions, and workshops, all exploring exciting topics like AI, blockchain, e-commerce, fintech, and marketing. You’ll also have the opportunity to join networking sessions and meet-ups where you can connect with fellow entrepreneurs, investors, and industry leaders.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

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Image Credit: MoneySmart Group

 

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