New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

Experian Leads USD$10 million Funding in RinggitPlus’ Parent Company, Jirnexu, to Advance Malaysia’s FinTech Ecosystem

Experian Leads USD$10 million Funding in RinggitPlus’ Parent Company, Jirnexu, to Advance Malaysia’s FinTech Ecosystem
  • Funding aimed at advancing Malaysia’s FinTech ecosystems and further enabling banks, insurance companies and service providers to enhance interactions with their customers
  • Series B follow-on investment round, led by Experian, aims to empower Malaysia’s consumers with access to better and more accurate digital financial products and services
  • FinTech solutions provider and parent company of RinggitPlus, Jirnexu, establishes commercial partnership with global information services leader, Experian

KUALA LUMPUR, Malaysia, 3 December 2018Experian, the world leader in information services, is leading a Series B follow-on investment in Jirnexu. Headquartered in Kuala Lumpur, Jirnexu is one of the successful FinTech pioneers in Southeast Asia, operating RinggitPlus.com, Malaysia's leading comparison website for financial products such as credit cards, loans and insurance products. 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. Consumers will enjoy enhanced access to financial information, better and more personalised user experience as well as fairer access to credit.

 

The other investor in this Series B follow-on round includes SBI Group, with Experian leading the US$10 million overall funding. Off the back of a US$11 million Series B round earlier this year led by the SBI Group, RinggitPlus.com continues to grow and is on track to hit 100% growth in 2018. In August this year, RinggitPlus.com pushed out Southeast Asia’s first end-to-end motor insurance renewal, facilitated by a chatbot. Bank Negara Malaysia recently approved Jirnexu’s request to expand their regulatory sandbox approval. The previous approval was for digital insurance distribution for Motor and Term Life. With the latest approval, it will enable Jirnexu to offer a total of 5 types of insurance (Motor, Term Life, Travel, Medical & Health and Critical Illness) on RinggitPlus.com.

 

As part of its digital transformation efforts, the Malaysian government has been investing in resources and technology to promote more inclusive, informative and progressive finance for the nation . The partnership with RinggitPlus is part of Experian’s ongoing commitment to build an ecosystem of financial marketplaces across the region, aimed at empowering lending institutions with better consumer insights and consumers in the region with greater financial access. This further drives Experian’s investment in its Marketplaces solutions, which are centred around providing better insights into consumers, improving customer experiences and ultimately providing consumers with fairer access to credit.

 

Yuen Tuck Siew, CEO of Jirnexu said: “We are excited about this investment as it will enable us to personalize recommendations for our customers more accurately. The ability to match consumer profiles with suitable financial products or services will greatly improve access to credit. Besides technology from Experian, the investment will also be used to strengthen our services and FinTech solutions portfolio.”

 

Dev Dhiman, Managing Director for Southeast Asia and Emerging Markets, Experian, said: “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. Working with RinggitPlus.com, we hope to match more local businesses and consumers with the financial services they need and deliver on our promise of matching the demand and supply of financial access in the region.

Read full article

Experian

By Experian 12/03/2018

Related Articles

Telenor Myanmar and Experian partner to accelerate financial inclusion for unbanked subscribers
Telenor Myanmar and Experian partner to accelerate financial inclusion for unbanked subscribers

Telenor Myanmar today announced the partnership with Experian, the world leader in information services, to provide affordable, accessible and relevant financial products to Myanmar’s unbanked individuals, households and small businesses.

Learn more
Experian leads Over-Subscribed US$28m Series C Investment in C88 to Drive Financial Inclusion Across Southeast Asia
Experian leads Over-Subscribed US$28m Series C Investment in C88 to Drive Financial Inclusion Across Southeast Asia

Experian, the world leader in information services, has led an over-subscribed US$28 million Series C investment in C88 Financial Technologies Group (C88).

Learn more
Experian works with mobile network operators globally to help billions create credit profiles and improve financial well-being
Experian works with mobile network operators globally to help billions create credit profiles and improve financial well-being

Nearly 70 percent of the credit offers are being generated across Asia

Learn more
  • Download Now

By providing your personal information you agree that we may collect and process it in accordance with our Privacy Statement.