Wise Egg Launches MoneyDuck Financial Products Aggregator

Singaporean fintech startup Wise Egg announced the acquisition of pre-series A funding with convertible notes led by Genesia Ventures, which was also a previous investor in the initial round.

New investors who participated were Money Ventures and several angel investors. No mention was made of the amount the company got in this round.

The company will use this fresh fund to build teams in Indonesia and Thailand, as well as expand its expert network and recruit engineers.

Going forward, MoneyDuck plans to expand its business to other Southeast Asian countries by improving features that support the sales process for professionals.

General Partner of Genesia Ventures Takahiro Suzuki said, there are still many consumers in Southeast Asia who have limited access to financial services, even though economic growth in the region continues to experience a growth trend.

In Southeast Asia, the population of working age continues to grow, creating a population pyramid diagram where the younger generation has more population than the older generation. This will give birth to a “demographic bonus” in the future.

And as income grows, people can access financial services and products. Financial products such as insurance, loans, and fintech product innovations have been offered in the market and continue to grow, but there are many challenges to be faced.

Want to Improve Company Service Quality

“We’re not only trying to provide financial inclusion solutions for the public, but also solutions for financial providers so that their financial services are appropriate,” said Matsuura.

This solution is not much different from that offered by similar players in Indonesia, such as CekAja, Cermati, Lifepal and once worked with GoBear until it finally went out of business.

However, the added value that MoneyDuck offers is that it allows users to get financial advice from experts through the chat feature on MoneyDuck, WhatsApp, or other communication platforms.

From the expert side, they will be able to find prospects and carry out promotions, and get access to a dashboard to contact potential consumers who are filtered based on their profiles.

Meanwhile, from the user’s side, they can consult with financial experts through a friendly UI, after answering a few simple questions to connect with experts according to their financial needs for free.

The company also ensures that the information entered by this user is only shared with suitable experts, so there is no need to worry about getting repeated sales offers.

Based on the results of monitoring its website, MoneyDuck provides credit card products, loans, savings, insurance, investments, and others together with related partners.

The development of similar businesses in Indonesia

The opportunity to become an aggregator of financial products is still wide because in Indonesia alone, the potential for the unbanked is still higher than the bankable.

This aggregator solution is right for reaching those who have low financial literacy and have not been able to keep up with the fast-changing market. On the regulatory side, the aggregator platform is currently still under the umbrella of Digital Financial Innovation at OJK.

Another issue that arises is the inability to choose and conduct personal research on financial products, causing problems as a result of choosing illegal products without realizing the consequences.

Users cannot access the desired financial products due to difficulties in filling out forms and incorrectly preparing the required documents, and there are still few sources of financial advice providers with friendly UX.

This condition also makes it difficult for financial institutions to switch to more efficient features such as AI chatbots or communication methods without a human touch due to user resistance.

Users still need sales people and customer service personnel to offer and explain products, as well as guide them through the application process.