Latest news with #RohithMurthy
Yahoo
3 days ago
- Business
- Yahoo
MoneyHero and RCBC Forge Strategic Partnership to Tap into the Philippines' Expanding Card Market
SINGAPORE, June 04, 2025 (GLOBE NEWSWIRE) -- MoneyHero Limited (NASDAQ: MNY) (MoneyHero' or the 'Company'), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced a strategic partnership with Rizal Commercial Banking Corporation ('RCBC'), a trusted leader in Philippine banking known for its customer-focused innovation and inclusive financial services, through its card servicing entity, RCBC Bankard Services Corporation ('RCBC Credit Cards'). Through this collaboration, MoneyHero will integrate RCBC's full suite of rewards, lifestyle, travel, and premium credit card products into its digital platform, enabling Filipinos to seamlessly discover, compare, and apply for cards that suit their personal financial needs. This partnership significantly expands MoneyHero's credit card offerings in the Philippines and reinforces its position as the leading digital acquisition partner for banks and personal finance aggregation and comparison platforms in the region. By combining MoneyHero's digital conversion expertise with RCBC's strong growth momentum in consumer finance and strategic focus on data-driven innovation, the strategic partnership will improve customer experience and expand access to personal financial solutions. Together, they will advance a more inclusive and digitally empowered financial ecosystem for Filipinos. Rohith Murthy, CEO of MoneyHero, said: 'We are excited to welcome RCBC as a partner on our platform. By combining MoneyHero's aggregation technology with RCBC's rich credit card portfolio, we are empowering Filipino consumers to make smarter financial decisions. This partnership continues our mission to simplify financial choices for consumers while supporting our bank partners in driving digital acquisition at scale. This partnership accelerates our penetration into regional markets, deepens user engagement, and highlights our asset-light, mutually-beneficially partnership-led growth model.' Arniel Vincent B. Ong, RCBC Credit Cards President & CEO, said: 'We're excited to partner with MoneyHero to offer our full suite of credit cards directly to consumers through a seamless digital experience. Our credit card business has shown exceptional momentum, with credit card receivables growing 48% and cards in force increasing 21% in 2024 alone, underscoring strong consumer engagement. This rapid growth in credit cards will make us a powerful partner for MoneyHero's expanding presence in the country. By integrating with MoneyHero's platform, we're making it easier for Filipinos to compare and apply for the card that best fits their needs, strengthening our commitment to innovation and financial inclusion.' About MoneyHero Group MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia's largest operating B2C platform. MoneyHero had over 290 commercial partner relationships as at 31 December 2024, and had approximately 6.2 million Monthly Unique Users across its platform for the three months ended 31 December 2024. 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 About Rizal Commercial Banking Corporation RCBC is a leading financial services provider in the Philippines offering a wide range of banking and financial products and services. RCBC is engaged in all aspects of traditional banking, investment banking, microfinance, retail financing (auto, mortgage and housing loans, and credit cards), remittance, leasing, foreign exchange, and stock brokering. RCBC is a member of the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in South East Asia. For more information, please visit About RCBC Bankard Services Corporation RCBC Bankard Services Corporation ('RBSC') manages credit cards, personal loans, and merchant payment solutions for Rizal Commercial Banking Corporation ('RCBC'). RCBC and RBSC are part of the Yuchengco Group of Companies, one of Southeast Asia's oldest and largest conglomerates. RBSC provides innovative cashless payments and versatile add-on services. For more information about RBSC, please visit For MoneyHero inquiries, please contact: Investor Relations:MoneyHero IR TeamIR@ Media Relations:MoneyHero PR TeamPress@ For Rizal Commercial Banking Corporation inquiries, please contact: RCBC Credit Cards:email@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
MoneyHero and RCBC Forge Strategic Partnership to Tap into the Philippines' Expanding Card Market
SINGAPORE, June 04, 2025 (GLOBE NEWSWIRE) -- MoneyHero Limited (NASDAQ: MNY) (MoneyHero' or the 'Company'), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced a strategic partnership with Rizal Commercial Banking Corporation ('RCBC'), a trusted leader in Philippine banking known for its customer-focused innovation and inclusive financial services, through its card servicing entity, RCBC Bankard Services Corporation ('RCBC Credit Cards'). Through this collaboration, MoneyHero will integrate RCBC's full suite of rewards, lifestyle, travel, and premium credit card products into its digital platform, enabling Filipinos to seamlessly discover, compare, and apply for cards that suit their personal financial needs. This partnership significantly expands MoneyHero's credit card offerings in the Philippines and reinforces its position as the leading digital acquisition partner for banks and personal finance aggregation and comparison platforms in the region. By combining MoneyHero's digital conversion expertise with RCBC's strong growth momentum in consumer finance and strategic focus on data-driven innovation, the strategic partnership will improve customer experience and expand access to personal financial solutions. Together, they will advance a more inclusive and digitally empowered financial ecosystem for Filipinos. Rohith Murthy, CEO of MoneyHero, said: 'We are excited to welcome RCBC as a partner on our platform. By combining MoneyHero's aggregation technology with RCBC's rich credit card portfolio, we are empowering Filipino consumers to make smarter financial decisions. This partnership continues our mission to simplify financial choices for consumers while supporting our bank partners in driving digital acquisition at scale. This partnership accelerates our penetration into regional markets, deepens user engagement, and highlights our asset-light, mutually-beneficially partnership-led growth model.' Arniel Vincent B. Ong, RCBC Credit Cards President & CEO, said: 'We're excited to partner with MoneyHero to offer our full suite of credit cards directly to consumers through a seamless digital experience. Our credit card business has shown exceptional momentum, with credit card receivables growing 48% and cards in force increasing 21% in 2024 alone, underscoring strong consumer engagement. This rapid growth in credit cards will make us a powerful partner for MoneyHero's expanding presence in the country. By integrating with MoneyHero's platform, we're making it easier for Filipinos to compare and apply for the card that best fits their needs, strengthening our commitment to innovation and financial inclusion.' About MoneyHero Group MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia's largest operating B2C platform. MoneyHero had over 290 commercial partner relationships as at 31 December 2024, and had approximately 6.2 million Monthly Unique Users across its platform for the three months ended 31 December 2024. 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 About Rizal Commercial Banking Corporation RCBC is a leading financial services provider in the Philippines offering a wide range of banking and financial products and services. RCBC is engaged in all aspects of traditional banking, investment banking, microfinance, retail financing (auto, mortgage and housing loans, and credit cards), remittance, leasing, foreign exchange, and stock brokering. RCBC is a member of the Yuchengco Group of Companies (YGC), one of the oldest and largest conglomerates in South East Asia. For more information, please visit About RCBC Bankard Services Corporation RCBC Bankard Services Corporation ('RBSC') manages credit cards, personal loans, and merchant payment solutions for Rizal Commercial Banking Corporation ('RCBC'). RCBC and RBSC are part of the Yuchengco Group of Companies, one of Southeast Asia's oldest and largest conglomerates. RBSC provides innovative cashless payments and versatile add-on services. For more information about RBSC, please visit For MoneyHero inquiries, please contact: Investor Relations:MoneyHero IR TeamIR@ Media Relations:MoneyHero PR TeamPress@ For Rizal Commercial Banking Corporation inquiries, please contact: RCBC Credit Cards:email@
Independent Singapore
01-05-2025
- Business
- Independent Singapore
MoneyHero Group narrows loss by 78% despite 1% revenue drop in FY2024, driven by higher insurance and wealth revenue
SINGAPORE: Personal finance aggregation and comparison platform MoneyHero Group managed to cut its net loss by 78% to US$37.8 million (S$49.36 million) for the full year of 2024, narrowing from US$172.6 million the previous year, despite a 1% drop in revenue for 2024 to US$79.5 million. Net loss for the full year 2023 included US$143.4 million in non-operating costs, mainly from share-based payments for the Bridgetown Holdings merger, finance costs, and changes in the value of financial instruments. The group, also a digital insurance brokerage provider in Greater Southeast Asia, managed to narrow its losses when it shifted to high-margin products in the second half of 2024 (H2 2024) to boost profitability, according to its press release on Wednesday (April 30). For the full year of 2024, the group's insurance revenue grew by 40% year-on-year (YoY) to US$8.2 million, now accounting for 10% of the total revenue, compared to just 7% last year. Revenue from wealth products also jumped by 138% to US$8.5 million, driven by growth in stock and bank account products. In the fourth quarter of 2024 (Q4 2024) alone, insurance revenue rose by 10% YoY to US$2.1 million, making up 14% of total revenue, up from 7% in the same period last year. Wealth revenue jumped by 195% to US$2.4 million, contributing 15% of the total revenue, compared to just 3% in the same period the previous year. While adjusted EBITDA loss in Q4 2024 narrowed to US$2.9 million from US$4.6 million a year earlier, it widened to US$23.7 million for the full year, compared to US$6.8 million in 2023. Total operating costs and expenses, excluding net foreign exchange differences, increased by 3% YoY to US$114.9 million for the year 2024, largely due to higher advertising and marketing expenses. As of Dec 31, 2024, the group had a debt-free balance sheet with US$42.5 million in cash and cash equivalents. In addition, the group's monthly unique users reached 6.2 million in Q4 2024, while the number of MoneyHero Group members who received tailored product information and recommendations grew 42% YoY to 7.5 million. Approved application volumes also rose 21% to 767,000, driven by growth in the company's insurance products. MoneyHero Group's CEO Rohith Murthy said, 'Looking ahead to 2025, we will maintain our focus on scaling high-margin verticals, particularly insurance, while continuing to tighten cost controls and simplifying workflows. We are actively working on deploying AI-powered customer service tools designed to significantly reduce inquiry volumes and achieve higher first-contact resolution rates. Additionally, we are piloting generative AI solutions to accelerate and scale content production efficiently.' The group's interim CFO Danny Leung added, 'We expect adjusted EBITDA to consistently improve, building on the significant progress we made during the fourth quarter. With margins steadily improving, we are well-positioned to drive growth momentum heading into 2025, strengthening our confidence to generate positive adjusted EBITDA on a quarterly basis in the second half of 2025.' /TISG Read also: CLAS reports 4% YoY gross profit increase for Q1 FY2025
