KUALA LUMPUR: Jirnexu, the powerhouse behind RinggitPlus, has positioned itself as a key player in Malaysia’s rapidly evolving financial technology landscape by transforming the way of access to financial services, said Jirnexu CEO Yuen Tuck Siew.
He said Jirnexu is offering innovative solutions that prioritise financial education, convenience and personalisation to consumers.
Commenting on their journey from financial comparison to an all-in-one platform combining education and personalised recommendations, he stated that the company has consistently evolved in response to consumer needs. After simplifying the application process for consumers, Jirnexu took the step by integrating a WhatsApp chatbot, allowing consumers to apply for financial products via a platform they were already familiar with.
“This chatbot revolutionised the application process. We have introduced a credit score-based recommendation engine embedded within the chatbot, offering users personalised product suggestions based on their financial standing.
“This was a game-changer for us. Now, not only could Malaysians apply for financial products, but they could also ensure they were applying for the right ones. This approach helped us scale our business and truly transform how financial services are accessed,” Yuen said in an exclusive interview with SunBiz.
Responding to the major trends that will shape Malaysia’s fintech future, he remarked that as the fintech industry continues to grow, two significant forces are at play which are the increasing demand for transparency and the transformative impact of artificial intelligence (AI).
“Consumers today are more educated and demanding. They expect more transparency from financial institutions.
“RinggitPlus has been at the forefront of this shift by continuously educating consumers, which has resulted in more informed and savvy decision-making. This drives transparency in the industry, forcing banks and financial institutions to be clearer about their offerings,” he explained.
Yuen emphasised that AI will soon enable hyperpersonalised financial products, tailored to the individual needs of consumers based on the vast amounts of data available.
“Today, consumers come to RinggitPlus and find a financial product that is currently on the market, but in five or 10 years, we may offer products specifically tailored to the individual preferences and needs of each consumer,” he said.
Yuen remarked that financial inclusion is a core pillar of Jirnexu’s mission, reflecting the company’s commitment to financial inclusion and wellbeing.
Through their wide range of free services, including financial comparison tools, educational content, and their credit score based WhatsApp chatbot, he said that Jirnexu ensures that financial wellbeing is accessible to all.
He said that one of the key initiatives that highlights this commitment is the annual ‘RinggitPlus Malaysian Financial Literacy Survey’, which provides insights into the financial literacy levels of Malaysians.
“This survey is incredibly important to us because it allows us to gather feedback directly from the public, understand their financial priorities, and identify areas where we can provide more education,” Yuen said.
Responding to their recent acquisition of CompareHero, he said that this acquisition marked a strategic move for Jirnexu, as it sought to expand its services and reach more consumers.
“By acquiring them, we were able to integrate our advanced tools, like the WhatsApp chatbot and credit score-based recommendation engine, to enhance the consumer experience.”
This move not only expanded Jirnexu’s customer base but also allowed the company to offer more comprehensive services to consumers who had previously used CompareHero.
“We see this acquisition as a way to provide an even greater service to Malaysians, helping more people make informed financial decisions,” Yuen said.
