MoneyMatch: Disrupting Traditional Financial Services with Innovative Technologies

26.09.2017 11:47 am

Could you please introduce MoneyMatch and its core services? 

MoneyMatch is a FinTech startup from Malaysia that offers a comprehensive fully digital currency exchange platform. MoneyMatch is approved by the Central Bank of Malaysia operating within their FinTech Sandbox. Consumers can use MoneyMatch Transfer to perform cross border remittances for retail customers and cross border payments for corporate customers all fully online with eKYC (one time customer verification digitally) performed within MoneyMatch’s proprietary mobile app (available on Android and iOS). MoneyMatch will soon also be launching its Exchange platform which is digital peer to peer currency exchange platform in a mobile money changing app fully regulated by the Central Bank of Malaysia.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What was idea behind launching the service? 

The co-founders Naysan Munusamy and Adrian Yap both come from a corporate and investment banking background specializing in financial markets treasury division looking after foreign exchange and derivatives. They both believed that they could use their expertise and treasury knowledge in bringing an innovative and disruptive approach towards cross border remittances and payments towards the end of 2014. They brought in Fazil Fuad to help design the branding, creative content and user experience to which he was formerly an AVP with Rocket Internet in Singapore and well experienced. Together, the three of them started off MoneyMatch in Kuala Lumpur Malaysia back in January 2015 and quickly won entrance into a local accelerator programme run by WatchTower & Friends Accelerator in collaboration with a government owned entity, Cyberview Sdn Bhd, charged with enabling local Malaysian tech startups with funding and mentorship. By early 2016, MoneyMatch secured additional seed funding from the Australian owned Kosciuszko Holdings to focus on developing highly secure and scalable products. After engaging with the Central Banking of Malaysia, MoneyMatch secured its approvals in May 2017 and has since secured pre-series A funding from a group of high profile Malaysian angel investors in the finance and tech scene.

Who needs the service?

Any individual who needs to perform a cross border remittance or any corporate who needs to execute a cross border payment for an invoice can use MoneyMatch and save both time and money each and every single time they perform a transaction. MoneyMatch is simply cheaper and more quicker by virtue of being a fully digital platform with straight through processing. From the initial eKYC (one time customer verification process) feature on the mobile app to the filling in the order details, users are able to conduct cross border remittances and payments with the ease of a few clicks and enjoy exchange rates far superior to incumbent banks.  

What are the benefits?

Going forward with the launch of the Exchange platform on mobile app, retail users especially travelers will be able to conduct money changing activities on the MoneyMatch mobile app at mid-rates and arrange to meet and collect their foreign currencies at a convenient location to them on the way to their destination such as the airport. It’s a novel new FinTech application that is scheduled to hit the Malaysian markets by year end before MoneyMatch starts expanding regionally. The penultimate benefit of using any of MoneyMatch services boils down to two key benefits which are helping the end user save time and save money. The platform is open and available to be used by any individual or business with access to a smartphone and internet connectivity. MoneyMatch is also working in partnership with various other licensed financial services and FinTech firms to offer a wider range of services to reduce the cost and improve the user experience to consumers and to do so in a manner that is far superior to the current offerings by the incumbent banks. 

How user friendly and accessible the service is? 

Any individual who needs to perform a cross border remittance or any corporate who needs to execute a cross border payment for an invoice can use MoneyMatch and save both time and money each and every single time they perform a transaction. MoneyMatch is simply cheaper and more quicker by virtue of being a fully digital platform with straight through processing. From the initial eKYC (one time customer verification process) feature on the mobile app to the filling in the order details, users are able to conduct cross border remittances and payments with the ease of a few clicks and enjoy exchange rates far superior to incumbent banks.

What are the reporting capabilities?            

MoneyMatch is connected directly to the national payments processing system therefore is completely bank agnostic and users can transfer over the domestic currencies from whichever bank account they are using locally and MoneyMatch will disburse the funds overseas. 

What is the pricing strategy? 

MoneyMatch’s competitive pricing comes primarily from hefty cost savings of being a fully digital solution and as such is not burdened by legacy infrastructure costs and physical branch rentals and unnecessary staff. All these cost savings are ultimately passed back to the end consumer ensuring a sustainably competitive pricing strategy that allows MoneyMatch to grow as a company whilst sustainably and in a scalable manner is able to help as many customers as possible save money when conducting cross border remittances, payments and currency exchange.

 

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