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iMoney bullish on PH operations


iMoney Philippines seeks to further expand its operations in the country amid the upbeat outlook in the financial technology (fintech) industry.

iMoney Group Chief Executive Officer Mitul Lakhani noted that the firm was focused on fortifying its operations in Southeast Asia, including the Philippines.

“We will continue to grow our operations within each market. Get more and more consumers to come to our website, enter more partnerships, roll out more products, more services for our consumers,” Lakhani said in a roundtable discussion with The Manila Times on Monday.

iMoney Group Chief Executive Officer Mitul Lakhani PHOTO BY RENE DILAN

“At least, for the next two to three years, we don’t have plans on going anywhere,” he added.

Lakhani said the company had grown from just five employees when it started in 2014 to 50, signaling the increasing need for financial literacy.

He added that about 7 million to 8 million users visit the company’s website every year for financial consultation.

The fintech firm services diverse clients — from entrepreneurs seeking funds to jumpstart their business to individuals needing loans for personal use.

“We also help in terms of understanding what their needs are and the requirements they are searching for in financial products,” Lakhani said.

The firm, he noted, partners with various banking institutions to provide suitable recommendations for its clients.

On average, iMoney generates 700,000 referrals per year.

“We work together with banking partners to understand the criteria and understand the kind of clients they are looking for,” Lakhani said.

While iMoney extends financial literacy to unbanked Filipinos, he noted that the best way to manage finances is to use money properly.

“Live within your means,” Lakhani said.

He also proposed investing on insurance as financial protection in the future.

iMoney is an online platform that promotes financial literacy by providing information about different financing needs. Aside from the Philippines, it has operations in Malaysia, Indonesia and Singapore.

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Today’s Front Page January 25, 2020

Today’s Front Page January 25, 2020