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AsiaOne
3 days ago
- General
- AsiaOne
I worked 3 years and had zero savings, here's how I turned things around, Lifestyle News
I still remember it like it happened yesterday. It was the end of a random month many years ago, and I had just gotten charged by the bank a service fee for not maintaining the minimum balance. I checked the transaction list for the last few months and it turns out I had been penalised repeatedly for having too little money. I flushed in embarrassment at the indignity of my situation, my brain screaming: How can dis b allowed? I had been working for three years… and I had nothing to show for in savings. How did I get here? So…what happened? In my early 20s, I thought being a full-fledged adult meant working hard and rewarding yourself with nice things. After all, I was earning my own money — I thought I deserved to treat myself. Turns out, "treating myself" was less about self-care and more about poor financial decisions dressed up as "YOLO". To make things worse, I was in a relationship with someone who loved spending money. We're talking about spontaneous weekend getaways to Bangkok, $100 cafe meals, and a never-ending obsession with sneakers. (We only have one pair of legs and two days a week to sport these sneakers!) And because it was one of my first serious relationships, I naively went along with it. We split bills, but I always ended up spending more than I wanted to save. I didn't want to be the party pooper. The big wake-up call Then came the break-up. It was messy, but I needed to get away from the toxicity. It turned out to be a turning point in my life. For the first time in years, I wasn't distracted by couple brunches or window shopping turned splurges. I had time to self-reflect and take a good, hard look at my finances. And yikes... it wasn't pretty. I added everything up: my salary over three years, my monthly spending, and the total I should've been able to save. And then I looked at my bank account, which might as well have laughed in my face. That's when it hit me. I had worked for three whole years and had nothing to show for it — no savings, no investments, not even an emergency fund. Just piles and piles of fast fashion, overpriced skincare that ended up at the bottom of the drawer, and way too many pairs of sneakers. Oh, and weight gain from all those high-calorie cafe meals. The first step I got angry — mostly at myself, but also at the version of me that thought money would magically manage itself. I decided to channel that energy into action. I wanted to do better. I needed to do better. I started small. My first win: creating a basic budget on a Google Sheet. It was neatly colour-coded and fit my needs. I listed my income, my fixed expenses (like phone bills and insurance), and my variable ones (like food, shopping, and entertainment). The goal was to track everything. If I spent $5 for fish soup, it went into the sheet. If I bought something on Love Bonito, it went in too. No excuses. Things got even easier when I discovered an expense tracking app. I have been using Seedly ever since then. Becoming "that frugal girl" Once I started tracking my spending, it was clear to see where my money went. $10 here, $15 there — it added up. So I started making changes. I swapped my $5 latte runs for the more economical local kopi c siew dai. I said goodbye to unnecessary online shopping and Marie Kondo-ed the hell out of my wardrobe. I even mastered the art of saying "no" to expensive social plans with friends — or suggested cheaper alternatives. The more I saved, the more motivated I became. I opened a high-interest savings account, started reading personal finance blogs, and even did my own research on the best credit cards to maximise the value from my (much diminished) spending. Learning to invest (and not freak out) After a few months of saving consistently, I had something that felt like a real safety net. It wasn't a fortune, but it was mine. It truly felt empowering. I knew the next step was investing, but I was terrified. All I had ever heard was that investing was "risky" and "only for rich people". But I thought if I could figure out how to stop impulse-spending, I could learn this too. I started small, with a robo-advisor. No need to pick stocks or time the market. I just made regular contributions and let compounding do its thing. Over time, I also learned about ETFs, dividend stocks and CPF top-ups. How it's going It's been more than five years since my financial rock bottom. I'm still not rolling in dough, but I'm in a much better place financially. I've got a decent safety net, a growing investment portfolio, and I'm somehow now the lobang queen in most of my social circles. I'm also juggling a fine-tuned credit card strategy that my husband has given up trying to understand. Most importantly, I have peace of mind. No more anxiety attacks while logging into my banking app. Here's what I've learned: Love doesn't mean losing your common sense. If your partner's spending habits are making you uncomfortable, that's not love. That's red flag territory. Sort it out before you get mired in the mess. Budgeting isn't about deprivation. It's about making conscious choices. I still buy things I enjoy once in a while. I just make sure they align with my priorities and saving goals. Starting small is better than not starting at all. Start budgeting by downloading an app to see where everything goes, and set aside what you can every month. Every bit counts. Know where your money goes, and how to make it work for you. Personal finance blogs can be your best resource to 'dumb down' complex financial concepts. Besides, it beats sifting through technical finance books. Don't let your lack of knowledge be a hurdle to a better financial future. And lastly, no matter how bad it seems right now, it can only go up from here. Leave your regrets behind, start afresh and before you know it, you will reap the benefits of your financial discipline. [[nid:720944]] This article was first published in .
Business Times
21-07-2025
- Business
- Business Times
SingSaver Best-Of Awards celebrates products and platforms driving smarter money moves
Forty-three providers of personal finance products were recognised earlier this month at an inaugural awards ceremony organised by fintech group MoneyHero. Held at Pan Pacific Orchard, the inaugural SingSaver Best-Of Awards 2025 handed out 45 awards across four categories: Credit Cards, Digital Banks, Insurance Plans and Investment Platforms. The Award Ceremony on July 17 was attended by more than 170 executives from the financial industry. Nasdaq-listed MoneyHero is a personal finance aggregation and comparison platform and digital insurance brokerage provider in Greater South-east Asia that serves 1.3 million unique monthly users in Singapore. Its portfolio includes SingSaver, a popular Singapore-based portal comparing products and services from over 60 financial providers – as well as Seedly, a personal finance community platform. The awards ceremony, said Mr Rohith Murthy, Chief Executive Officer of MoneyHero, marked a significant milestone in the promotion of financial literacy and excellence in Singapore. 'Tonight's awards crown a decade of helping Singaporeans cut through fine print and capture real value. Each winning product demonstrates that transparency, first-class customer experience and genuine savings can exist together,' he added. Attendees of the awards ceremony included representatives from Singapore's three local banks – DBS, OCBC and UOB – alongside digital banks such as GXS Bank, MariBank and Trust Bank. MoneyHero CEO Rohith Murthy greets attendees at the SingSaver Best-Of Awards 2025. PHOTO: MONEYHERO Also present were representatives from brokerages IG Singapore, CMC Markets, as well as other financial services providers Endowus, MSIG Insurance and Singlife. Nominated personal finance products and service providers were carefully evaluated based on factors such as annual fees, interest rates, sign-up incentives, bonus offers, rewards earn rates, user experience, coverage scope, and policy flexibility. This, said Mr Murthy, ensures the awards truly represent excellence and reliability in the marketplace. A joint panel of MoneyHero analysts and independent personal finance voices assessed products on annual fees, interest rates, sign-up perks, earn rates, coverage scope and policy flexibility. Winners were selected from shortlisted entries that were evaluated through mystery shopping to test onboarding speed and customer support. Each product went through a rigorous evaluation process conducted by the MoneyHero Group team, alongside an esteemed panel of prominent local personal finance influencers. Recognising the best in personal finance At the gala, Citi took home two awards in the Credit Cards category, for best premium credit card and best credit card for petrol and transport. Mr Gourab Kundu, head of digital growth for Asia South at Citi Wealth, said the team was honoured that the Citi Prestige and Citi Cash Back credit cards have been recognised at the inaugural SingSaver Best-of Awards 2025. 'This recognition is a testament to our customer-centric focus, bringing the best proposition to our clients. Moving forward, we will continue to enhance our value proposition for customers to ensure our product offerings fit their lifestyles and their needs,' said Mr Kundu. Another winner is Allianz, which took home the best global insurance provider award under the Insurance category. Ms Catherine Pang, sales director at Allianz Partners Singapore, expressed gratitude for the recognition. She noted that Allianz Partners' mission is to provide travellers with peace of mind through comprehensive, accessible and responsive travel insurance solutions. Said Ms Pang: 'This award is a reflection of the trust our customers place in us and the dedication of our team to deliver exceptional service – from seamless digital claims to round-the-clock emergency assistance. 'We are proud to stand alongside SingSaver and MoneyHero in empowering consumers to make informed financial decisions, and we remain committed to protecting every journey, near or far.' In the credit cards categories, HSBC won the best credit card for dining perks with its Live+ credit card, whereas Standard Chartered stood out for its Simply Cash card for simple cashbacks. In the digital banking segment, GXS Bank was lauded for its goal-based saving feature; MariBank won the best integrated investing option award for its SavePlus product; and Trust Bank was acknowledged for its seamless onboarding. For those who invest, Webull Singapore was picked the best brokerage for United States, Singapore and Hong Kong stocks; Moomoo earned votes for being the best brokerage platform for beginner investors; and Longbridge Singapore was voted best emerging brokerage of the year. Some stars among insurers include Etiqa, which took the best overall car insurance plan; AIG for its home insurance plan; and Chubb for being the most innovative when it comes to business solutions. Said Mr Murthy: 'We would like to extend our heartfelt thanks to the winners, nominees, judges, and attendees for their contribution to this milestone event and their shared commitment to financial empowerment.' Following the launch of the Singapore edition of the SingSaver Best-Of Awards 2025, MoneyHero plans to bring similar awards programmes to Hong Kong, the Philippines and Taiwan. 'Bringing together our partners for this yearly event will strengthen collaboration and drive innovation across the ecosystem – something we will replicate across all the markets we operate in, going forward,' said Mr Murthy. Discover all the winners of the inaugural SingSaver Best-Of Awards.
Straits Times
12-06-2025
- Business
- Straits Times
MoneyHero's CEO Rohith Murthy lays out path towards sustainable profitability
BRANDED CONTENT MoneyHero's new playbook: CEO Rohith Murthy lays out path towards sustainable profitability The fintech group is pivoting to higher margin financial services to drive progress toward positive adjusted Ebitda in the latter part of the year, reflecting disciplined focus on operational efficiency and sustainable profitability In a market where conventional wisdom keeps failing, MoneyHero chief executive officer Rohith Murthy is banking on the oldest playbook in business – diversify revenue, slash costs. MoneyHero Group, which boasts a diverse portfolio that includes the personal finance site SingSaver, Singapore's largest personal finance community Seedly, and the B2B platform Creatory, has implemented a clear strategy to diversify its revenue streams and to significantly reduce financial losses, he said in a recent interview. Listed on the Nasdaq in October 2023, MoneyHero joined a growing number of Singapore-based start-ups marking their presence on the US stock exchange. While the stock price has faced headwinds since being listed, MoneyHero maintains zero debt and strong cash reserves, positioning it well for future growth. In this interview, Mr Murthy discusses how MoneyHero is actively reshaping its business model to drive long-term growth and enhance shareholder value amid a volatile market environment. To achieve profitability, MoneyHero is strategically focusing on higher-margin areas such as insurance and wealth management. Q: Let's start by sharing your journey. What's the original vision behind MoneyHero, and what was the motivation for taking the company public in the US? A: The MoneyHero journey spans nearly a decade long, driven by a straightforward vision: to simplify personal finance and make it a lot more accessible to everyone. Today, we operate across Singapore, Hong Kong, Taiwan and the Philippines, holding the largest market share by revenue in these markets. In Hong Kong, our brand is MoneyHero; in Singapore, SingSaver and Seedly; in Taiwan, Money101; in the Philippines, Moneymax; and the B2B platform Creatory operating across our markets. Our platform serves approximately 7.5 million registered members, and we have facilitated more than 1.7 million financial applications. Achieving this scale has helped us build strong trust – not only with consumers, but also with financial institutions. We believe that we need to build a comprehensive ecosystem so we are constantly looking at enhancing it. For instance, we have a strategic partnership with credit bureau TransUnion in Hong Kong that allows us access to credit scoring data so we can make personalised recommendations to our Hong Kong users. Similarly, our collaboration with Boltech significantly accelerates our insurance growth, empowering us to offer seamless, end-to-end insurance purchasing journeys. Boltech's integration strengthens our ecosystem by seamlessly connecting banking and insurance services, further improving customer experience and overall value. Additionally, as a licensed insurance broker in three of our markets, we enable users to buy travel and other forms of general insurance or get real-time pricing for car insurance on our platform. Listing on Nasdaq was a deliberate decision that aligns us with global fintech best practices and gives us access to deeper, more sophisticated capital markets. It also allows us to cultivate strong relationships with investors who have a deep understanding of the fintech sector. Q: Since the Initial Public Offering (IPO), MoneyHero has faced scrutiny over its financial performance and share price. There are concerns over the expenses, growth sustainability and the risk of delisting. What would you say to the shareholders and the broader market so that they understand the journey you're on? A: We have been listed for over 18 months now and we're navigating a challenging environment. More importantly, we're undergoing a very meaningful internal transformation. Investor concerns are completely understandable, especially given how volatile market conditions are. What matters most is that we've been addressing these things directly and proactively – this has been my top priority since taking over as CEO. Despite recent market challenges, we've sharpened our focus on revenue quality, margin improvement, and tightened cost management. Looking at our full-year 2024 results, we significantly improved our adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss in Q4 2024. When I took over in Q2 2024, it was US$9.3 million (S$12 million), and then we significantly improved it to US$2.9 million in Q4 2024 – representing substantial progress and clearly demonstrating our trajectory towards sustainable profitability. A key part of this transformation lies in our evolving revenue mix. Previously, credit cards were a primary revenue source, but we have pivoted towards higher-margin, recurring revenue streams such as insurance and wealth, which contributed over 20 per cent of our FY2024 revenue. Notably, revenue from our insurance products alone grew nearly 40 per cent year-on-year in FY2024, underscoring the success of our diversification efforts. Operationally, we made some tough decisions last year to restructure and significantly optimise our operating expenses. We are committed to maintaining a lean cost structure while sustaining our growth, all aimed at improving adjusted Ebitda and building long-term shareholder value. As at end 2024, we remained strongly capitalised with ample cash reserves and cash equivalents of approximately US$42.5 million and no debt. This solid financial position enables us to strategically invest in the next phase of growth. I want shareholders and potential investors to recognise that we are strongly backed by prominent investors such as Pacific Century Group (PCG), which fully support our strategic direction and long-term vision. Our leadership team, including myself, holds significant personal stakes in MoneyHero, ensuring full alignment with the goal of creating sustainable shareholder value. Q: What is your timeline for a clear path to profitability, and how do you hope to pivot the business into long term growth? A: Profitability is our absolute priority and lies at the core of the efficiency-focused strategy I introduced shortly after becoming CEO approximately 15 months ago. We target to progress toward positive adjusted Ebitda in the latter part of 2025 – a milestone we're increasingly confident of achieving, given our consistent quarterly improvements. To support this, we have adopted an artificial intelligence (AI) first strategy. Our teams are actively leveraging AI tools to boost productivity across areas such as content production, customer service, design and engineering. Another key focus is shifting our revenue mix towards higher-margin segments like insurance, lending and wealth management. We've already started that trajectory. As a digital platform, enhancing user experience remains a priority. Last year, we placed significant emphasis on data. We now operate a central data platform that enables us to better understand and serve our 7.5 million members through personalised recommendations and tailored services. This approach has helped reduce our reliance on paid marketing, which declined by 23 per cent year-over-year in Q4 2024. With AI-driven content production ramping up, we expect organic traffic growth to be a major driver of profitability. Globally, we've seen fintech aggregation platforms in the Western markets successfully emerge as consolidators, streamlining fragmented markets into sustainable, profitable ecosystems. MoneyHero is well positioned to lead similar transformation across Greater South-east Asia. Q: MoneyHero recently announced a strategic collaboration with OSL in the digital assets space. What's the rationale behind this, are you considering further investments in digital assets? A: This announcement marks an exciting and important first step for us as we strategically explore the digital assets space. The region is witnessing growing interest in digital asset accounts licensed by regulators such as the Securities and Futures Commission (SFC) of Hong Kong. Digital assets are increasingly viewed alongside traditional insurance, stocks and banking products, offering enhanced user experiences, greater product diversification and new monetisation opportunities for our platform. On a personal note, I've been closely studying companies like Strategy and Metaplanet that have successfully implemented digital asset strategies and subsequently delivered impressive stock performance. Their examples highlight the potential shareholder value that can be unlocked through well-considered moves that MoneyHero can make in this space. While we have not yet made definitive decisions regarding additional investments, we remain proactive and open-minded. Given our strong cash position and disciplined capital allocation approach, we are actively evaluating strategic opportunities in digital assets, carefully assessing risks, potential benefits and alignment with our long-term objectives. Q: In the next 12 months, what are the key markers of progress you hope to achieve, and how should stakeholders and customers evaluate them? A: The first is our focus on moving towards positive adjusted Ebitda during the latter part of the second half of the year. We are targeting US$100 million in full-year revenue for this year. Improving margins is going to be critical as we focus on both profitability and top-line growth. Second, we aim to scale our insurance business, particularly car insurance, which offers a recurring revenue stream. This is why we have prioritised rapid growth in this market and plan to apply this model more broadly across insurance and wealth management verticals. Additionally, we want to invest in membership strategies to reduce our reliance on paid marketing. While quarterly results provide updates on our strategic progress, it's important not to focus solely on these short-term figures. Examining our trailing 12-month trajectory offers a clearer view of how we are consistently improving across these key markers. By focusing on these broader trends and long-term indicators, stakeholders can gain a more accurate and meaningful understanding of our growth momentum and operational efficiency. Fintech is a massive term, and often, attention is given to businesses without clear business models or paths to profitability. This is why fintech aggregators are less frequently highlighted. But when you look around, fintech aggregators have proven globally to be profitable models, with numerous successful examples in Western markets. Q: What's the biggest learning moment in the transition from a private to public company, and what keeps you motivated as a leader in times of challenge and change? A: The journey so far has been truly transformative. Transitioning to a public company has instilled a new level of discipline in how we operate. While we've always been a metrics-driven company, the process has made us a lot more precise in our forecasting and planning. It's not easy, especially as a relatively small market cap company, but it has strengthened our approach. Our decision to go public in the US was a tough but deliberate one. We're not just building our own company – we're helping build confidence in the entire regional fintech ecosystem. We want fintech startups from Singapore, the Philippines, and beyond to know that they too can build successful companies and list on global exchanges. That's why I actively engage with many of these startups, offering partnership opportunities when they have unique technology or valuable data assets. Observing successful global fintech peers – where disciplined execution, clear paths to profitability, and strategic acquisitions have been key – reinforces our strategic clarity. Understanding these market dynamics globally helps us confidently navigate challenges and strategically position MoneyHero as a leading player in the region. The past 15 to 18 months have been challenging. However, how we successfully turn these obstacles into opportunities is what builds market-leading brands. Our belief in our mission is fundamental to overcoming these challenges. I'm privileged to lead a mission-driven, energetic and passionate team that embodies this belief every day. No matter how the landscape evolves, I am confident that we will remain a resilient organisation. Join ST's Telegram channel and get the latest breaking news delivered to you.
