iMoney Company

　　

iMoney Company: An In-Depth Overview

　　

1. Company Overview

　　

Founding Date and Background

　　iMoney Company, a personal finance comparison platform, was founded in 2012 by Lee Qing Wei. The inception of this platform arose from the founder's desire to simplify the process of comparing and applying for personal financial products, which he found cumbersome and filled with jargon during his time working in investment banking.

　　

Parent Company/Ownership Structure

　　As of August 2020, iMoney has been a part of Juristech, a Malaysian fintech company specializing in software solutions for banks, financial institutions, and telecommunications companies. This acquisition has allowed iMoney to leverage Juristech's technological capabilities to enhance its services.

　　

Headquarters Location

　　iMoney is headquartered in Kuala Lumpur, Malaysia, specifically located at Unit 25-01, Level 25, Tower B, The Vertical Business Suites, Bangsar South.

　　

Global Business Scope

　　While iMoney primarily serves clients in Malaysia, it has aspirations for regional expansion and aims to cater to a broader audience across Southeast Asia. The company offers a range of financial products and services, including loans, credit cards, and insurance.

　　

Main Regulatory Bodies

　　iMoney operates in an unregulated environment, meaning it lacks oversight from any specific regulatory body. This absence of regulation raises concerns regarding consumer protection and adherence to industry standards.

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2. Company History and Development

　　

Key Milestones

• 2012: iMoney was established, focusing on providing a comparison platform for financial products.
• 2013: The company secured significant funding, including a $500,000 seed investment from Asia Venture Group and a $2 million investment from various venture capital funds.
• 2014: iMoney launched a mobile application for home loan calculations, enhancing its service offerings.
• 2017: The company introduced its credit score checking service, becoming one of the first in Malaysia to provide this feature.
• 2020: iMoney was acquired by Juristech, marking a significant shift in its operational capabilities and service offerings.

　　

Business Expansion Journey

　　Initially focused on personal finance comparisons, iMoney has expanded its services to include various financial products and marketing services. The acquisition by Juristech has further positioned iMoney for growth by integrating advanced technological solutions.

　　

Customer Base Growth

　　iMoney has experienced substantial growth in its user base since its inception, with millions of Malaysians utilizing its services for financial product comparisons. The platform's user-friendly interface and extensive product offerings contribute to its popularity.

　　

Platform Development History

　　Over the years, iMoney has continuously improved its platform, introducing features like smart search tools for personal loans and credit cards. The platform's evolution reflects its commitment to enhancing user experience and financial literacy.

　　

Important Awards or Recognitions Received

　　While specific awards were not detailed in the sources, iMoney has established itself as a leading financial comparison platform in Malaysia, recognized for its contributions to improving financial literacy among consumers.

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3. Trading Services Offered

　　

Forex Trading Options

　　iMoney provides access to various financial instruments, including forex trading. However, specific details on the number of currency pairs offered were not disclosed in the available information.

　　

Stock Trading Options

　　The platform allows users to compare and apply for various stock trading accounts, particularly focusing on Malaysian stocks and international markets.

　　

CFD Trading Products

　　iMoney also offers access to contract for difference (CFD) trading, enabling users to speculate on price movements of various financial instruments without owning the underlying assets.

　　

Other Financial Instruments

　　In addition to forex and stock trading, iMoney provides options for commodities trading and has aspirations to expand into cryptocurrencies, although specific offerings were not detailed in the sources.

　　

Special Services or Unique Advantages

　　iMoney's unique advantage lies in its comprehensive comparison tools, which empower users to find financial products that best meet their needs. The platform offers educational resources, including articles and calculators, to enhance financial literacy.

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4. Regulatory and Legal Background

　　

Detailed Regulatory Information

　　iMoney operates in an unregulated environment, which means it does not fall under the jurisdiction of any specific financial regulatory body. This lack of regulation poses potential risks for consumers, as there are no mandated disclosures regarding financial health or transparency.

　　

Legal Entity Structure by Region

　　iMoney is registered as a private limited company in Malaysia, operating under the laws governing financial services in the country. The company does not have a significant international presence yet.

　　

Client Fund Protection Measures

　　Due to its unregulated status, there are no specific client fund protection measures mentioned. This raises concerns about the security of client funds and the overall safety of conducting transactions on the platform.

　　

Countries/Regions Served

　　While iMoney primarily serves clients in Malaysia, it has aspirations to expand its reach to other regions in Southeast Asia. However, the current focus remains on the Malaysian market.

　　

Compliance History

　　There is limited information regarding iMoney's compliance history, primarily due to its unregulated status. This absence of oversight makes it challenging to assess its adherence to industry standards.

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5. Competitive Landscape

　　

3-5 Main Competitors

• CompareHero: A financial comparison platform offering similar services in Malaysia.
• RinggitPlus: Another competitor providing comparisons for loans, credit cards, and insurance products.
• Bank Negara Malaysia: The central bank of Malaysia, which has its own comparison tools for financial products.

　　

Positioning in the Industry

　　iMoney positions itself as a leading financial comparison platform in Malaysia, focusing on enhancing financial literacy and empowering consumers to make informed financial decisions.

　　

Market Differentiation Factors

　　iMoney differentiates itself through its user-friendly platform, extensive range of financial products, and educational resources. The integration with Juristech also provides a technological edge, allowing for improved product matching and customer experience.

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Conclusion

　　iMoney Company has established itself as a significant player in the Malaysian financial services industry, providing a comprehensive platform for comparing personal finance products. Despite its unregulated status, the company has shown promise for growth and expansion, particularly under the umbrella of Juristech. As it continues to evolve, addressing regulatory concerns and enhancing client fund protections will be crucial for building trust and ensuring long-term sustainability.

　　Learn more about iMoney and its offerings.