Dublin based Experian plc is leading a US$10 million (RM41.6 million) Series B follow-on investment in RinggitPlus.com’s parent company, Jirnexu Sdn Bhd, with the objective of advancing the country’s financial technology (fintech) ecosystem.
Experian South-East Asia and emerging markets MD Dev Dhiman said the partnership is part of the company’s ongoing commitment to build an ecosystem of financial marketplace across the region, as well as enabling banks, insurance companies and service providers to enhance interactions with their customers.
“Malaysia is a key market for Experian, driven by our largest team in the region of nearly 850 people and partnerships with some of the country’s leading financial service providers.
“Our partnership is to support the nation’s efforts towards higher economic efficiency, through innovations in technology, digital transformation and financial inclusion,” he said at the media briefing on the investment in Kuala Lumpur yesterday.
Dhiman added that the fund will be used to provide better insights on consumer, improve customers experience and provide consumers with fairer access to credit.
“One of the biggest issues that we have today, not just in Malaysia but across South-East Asia and Asia Pacific is this kind of rejection. As people start the consumer journey towards banking or credit, there is a real fear of getting a no,” he said.
Meanwhile, Jirnexu CEO Yuen Tuck Siew, said the ability to match consumer profiles with suitable financial products or services will greatly improve access to credit.
“This investment and injection of Experian’s technology will enable RinggitPlus.com to provide consumers with tailored experiences, by matching each consumer to the financial institutions and products that are right for them,” he said.
The other investor in this Series B follow-up round includes SBI Group, with Experian leading the US$10 million overall funding.
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