Company partners with powerful insurtech provider—eBaoTech—to create the premiere digital insurance aggregation and comparison platform in Greater Southeast Asia
SINGAPORE - March 06, 2024 (GLOBE NEWSWIRE) -- MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced the unaudited growth milestone from its market-leading insurance vertical, with its enterprise-wide revenue growth surged by 150% year-over-year (“YoY”) in the third quarter of 20231.
The significant YoY growth of MoneyHero’s insurance vertical was largely driven by increased consumer interest in travel insurance products throughout the Singapore and Hong Kong markets. The Asia Pacific region’s nearly $10B travel insurance market has expanded rapidly in recent years, with industry projections estimating a continued 17% annual growth rate over the next five years, fueled by increasing travel activity and heightened consumer awareness of travel-related risks. In response to these growth trends, MoneyHero has bolstered its insurance platform through both organic innovation and strategic partnerships, creating a diverse offering of travel insurance products that cater to the evolving needs of modern consumers—from comprehensive coverage options to tailored policies for unique travel experiences. In addition to travel insurance, MoneyHero also experienced increased YoY demand for its life insurance products.
“Over the past year, our insurance vertical has seen robust growth across all major areas, signaling a substantial demand for our unique and comprehensive platform offerings,” said Thomas Kapeller, Group Head of Insurance at MoneyHero. “By leveraging a technology-driven platform and incorporating a ‘buy versus build’ approach into our strategy, we have successfully demystified insurance for consumers throughout Greater Southeast Asia, adding new and expanded revenue streams for the business. This momentum not only underscores the strong market appetite for our platform, but also reinforces our commitment to introducing dynamic products that expand our focus beyond core personal finance solutions."
The Company’s insurance platform is supported by a strategic partnership between MoneyHero and eBaoTech, a renowned digital solution provider to the global insurance industry. This partnership integrates the powerful technology of eBaoTech’s middleware platform, InsureMO, into MoneyHero’s platform to enable consumers to discover, compare, and purchase unbiased, transparent, and tailored insurance policies more easily.
1 The result is unaudited, subject to the completion of the Company’s quarterly financial reporting processes, reviews, audit, and potential adjustments that might result.
"MoneyHero stands as the trusted beacon for consumers navigating their personal insurance journeys in Southeast Asia," remarked Rajat Sharma, CRO at InsureMO. "With its winning brands firmly established across Singapore, Hong Kong, Philippines, Malaysia and Taiwan, MoneyHero resonates deeply with users seeking a seamless and informative insurance shopping experience. Their unparalleled consumer audience and exceptional support system for partners exemplify excellence in the industry. We are excited to collaborate with MoneyHero, bringing our cutting-edge InsureMO technology to enrich the MoneyHero ecosystem."
The strategic partnership between MoneyHero and eBaoTech is part of the Company’s larger growth strategy, which includes leveraging innovative third-party partner-backed solutions within MoneyHero’s dominant personal finance and digital insurance aggregation and comparison ecosystem. This approach allows MoneyHero to efficiently bring new and enhanced products to users, as well as unlock new growth opportunities for partners like eBaoTech, which gain access to the extensive reach, marketing resources, and commercialization capabilities of MoneyHero.
“Our strategy, favoring ‘buying over building’ the cutting-edge technology solutions to enhance our platform, accelerates our market entry and organizational learning,” said Rohith Murthy, CEO of MoneyHero Group. “This approach has significantly contributed to the success of our end-to-end journeys. We are not just changing how insurance is bought and sold; we are redefining the customer experience all together. I am proud of our entire insurance team, including our partners at eBaoTech, for achieving so much in the last year and look forward to the continued growth of this important vertical.”
About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY), formerly known as Hyphen Group or CompareAsia Group, is a market leader in the online personal finance and insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan, the Philippines, and Malaysia with respective brands for each local market. MoneyHero currently managed 279 commercial partner relationships and services 8.7 million Monthly Unique Users2 across its platform for the 12 months ended December 31, 2023. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.
About eBaoTech
eBaoTech, founded in the year 2000 with a mission to “make insurance easy,” is a technology solution provider for the global insurance industry. eBaoTech offers two groups of solutions: InsureMO PaaS and insurance SaaS/Applications. Today, with business in more than 30 countries globally, serving over three hundred carriers and numerous agents, brokers, and other ecosystem players, eBaoTech has become a global leader in insurance technology.
