2019: Investments from Experian for the amount of $20 million
According to the company, such financing, along with other opening access to Experian technology, will allow CompareAsiaGroup to provide even more effective solutions for clients. Before it the CompareAsiaGroup group already invested heavily in electronic resources, including opening in 2018 in Singapore Technology and CompareAsiaGroup research center which got support of Council of economic development of Singapore. These investments will allow CompareAsiaGroup to use more productively the technologies based on data analysis and to offer clients more personalized services at the following level of innovations, efficiency and scalability.
In the Pacific Rim in the countries with the low and average level of income of 47% of adult population are deprived of bank service. In more mature economies of a problem of a financial inklyuziya are particularly acute not so, however individuals in such markets as Singapore and Hong Kong, often have no complex understanding of insurance, investment, pension plans and financial instruments (such as credit cards).
Capital investment of Experian in CompareAsiaGroup – the last in a series of the investments in the Pacific Rim performed by the company for strengthening of a financial position of its inhabitants. The investment in CompareAsiaGroup was preceded by recent investment of Experian into Grab – both of these capital investments accurately demonstrate gravity of intentions of the company on support of the financial and technology industry of the Pacific Rim.
| ||The problem of a financial inklyuziya is not limited to emerging markets. In the developed markets, such as Singapore and Hong Kong, many face unexpected obstacles in attempt to receive financial services or to make plans taking into account future financial requirements. Five large investments in the Pacific Rim for the last 18 months are bright manifestation of our purposeful policy on strengthening of credit economy of the region. We will continue work on improvement of financial conditions for residents of the Pacific Rim. This serious obligation which requires increase in the overall level of financial literacy of the population and simplification of access to financial services. We with optimism move forward on this way together with CompareAsiaGroup, the reliable partner and recognized industry leader.|
told Ben Elliott, the CEO of Experian on the Pacific Rim
| ||We are performed enthusiasm for providing a uniform cycle of customer interaction, including comparison of products and digital applications to help people to make wiser finance solutions. Such partnership even more strengthens our capabilities in achievement of common goals: help people to build stronger financial future is the general mission both CompareAsiaGroup, and Experian.|
told Sam Allen, the CEO of CompareAsiaGroup
The partnership purpose – to promote implementation of electronic financial services in the region. Such partnership will provide CompareAsiaGroup of advantage of use of Experian One, an instrumental cloud platform of Experian, will open access to the digital Experian platform on acceptance on customer service (Digital Onboarding Platform) and to services of automation of decision making (Decision Management) and scoring of solvency (Eligibility Scoring). Partnership will also allow to use a number of Open Banking services in Hong Kong which is the priority market for both companies. Also work and in other markets, according to local laws and regulations is planned.
CompareAsiaGroup managed to attract in total more than 90 million US dollars from such investors as the International Finance Corporation, the member of the group of the World Bank, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust. Experian is the leading investor in a final round of financing of B1 Series for the amount of 20 million US dollars.