Aug 2019 | News |
  • Experian’s fifth major investment in Asia Pacific since 2017 highlights commitment to boosting financial health of consumers across the region
  • Series B1 investment round, led by Experian, aims to connect more CompareAsiaGroup users with financial products best suited to their needs
  • Strategic partnership accelerates CompareAsiaGroup’s delivery of integrated customer solutions, further enhancing its standing as one of Asia’s leading personal finance platforms
  • While Hong Kong makes way for more Open Banking applications, consumers interested in greater data control (81%) stand to benefit from CompareAsiaGroup’s enhanced data-driven services as a result of the tech-focused partnership with Experian
  • The Series B1 funding follows more than US$90 million previously invested in CompareAsiaGroup, from investors including IFC, a member of the World Bank Group, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust in supporting CompareAsiaGroup’s continued expansion

Hong Kong, 19 August 2019Experian, the world leader in information services, is leading the US$20 million first close of Series B1 investment in the Hong Kong-based CompareAsiaGroup, one of Asia’s leading financial management platforms for banking and insurance products and services.


Founded in 2014, CompareAsiaGroup currently reaches 60 million users across six markets including Hong Kong (, Singapore (, Taiwan ( and Thailand ( MoneyHero is Hong Kong’s first and most comprehensive financial comparison service, offering comparisons of financial products across 11 categories, ranging from credit cards, personal loans, insurances, mortgages to securities and banking accounts.


Through the investment, and subsequent access to Experian’s technology, CompareAsiaGroup will intensify its focus on delivering enhanced customer solutions. The announcement comes after CompareAsiaGroup’s substantial investment in digital resources, including the 2018 launch of the CompareAsiaGroup Technology and Research and Development Centre in Singapore which was supported by the Singapore Economic Development Board.


In embracing a new era of Smart Banking, the partnership aims at boosting the adoption of digital financial services in the region. CompareAsiaGroup companies will benefit from utilising Experian One, Experian’s cloud native platform, which delivers access to Experian’s Digital Onboarding Platform, Decision Management and Eligibility Scoring services. The partnership will also enable a range of new Open Banking services in Hong Kong: a high-priority market for both companies. This will be rolled out in other markets in due course, in accordance with local laws and regulations.


Hong Kong’s Open Banking ecosystem has grown significantly over the past year. The Hong Kong Monetary Authority introduced an Open API framework for the banking sector in July 2018, paving the way for third parties like Experian, CompareAsiaGroup and MoneyHero to lead the innovation of new fintech services and bring consumers secure and easy-to-access financial solutions using technology[1]. Despite the increasing convenience and access to financial resources, however, a recent survey by CompareAsiaGroup[2] revealed that personal data security remains top of mind for the majority of consumers in Hong Kong (71%). When it comes to data security, 52% of consumers believe that the issue is worsening in the city, while 81% said they wanted more control over how their information is used. The partnership with Experian will enable CompareAsiaGroup to enhance the use of data-driven technologies, offering customers more secure, personalised services with new levels of innovation, efficiency, and scalability.


Ben Elliott, Chief Executive Officer, Experian, Asia Pacific, said: “Five major investments in Asia Pacific, within the past 18 months, show our commitment to powering the region’s credit economy. We will continue to work on strengthening the financial profile of Asia Pacific consumers. This is a significant undertaking that requires careful attention to consumers’ overall financial literacy and access to financial services. We are glad to move further forward in this journey with CompareAsiaGroup, a trusted partner and proven industry leader.”


Jian Huang, Managing Director, Experian, Greater China, said: “Experian’s latest investment in CompareAsiaGroup shows a clear commitment to the fintech industry across Asia. With a population of 7.5 million in Hong Kong, we believe this strategic move is a market opportunity to empower more individuals to access relevant financial products and services they need including loans, investments and insurance.”


Sam Allen, Chief Executive Officer, CompareAsiaGroup, said: “We are passionate about delivering a unified customer journey, from product comparison to digital application, in order to help our customers make wiser financial decisions. Together with Experian, we are excited to progress on a clear course towards a data-driven future where all individuals can enjoy easy and secure access to digital resources and Open Banking services to improve their financial standing and build healthier financial lives.”


Janet Low, Head of Marketing, MoneyHero, CompareAsiaGroup, said: “Since launching in Hong Kong as the city’s first financial comparison service, MoneyHero has changed the game for people seeking clarity on the array of financial products available and finding one that best suits their specific needs. With the recent developments in Smart Banking and Open API, we are excited to continue expanding our ability as a platform that empowers consumers to make informed decisions on their financial well-being through an increasingly personalised and seamless experience.”


In Asia Pacific, 47 percent of the adult population in low and middle-income countries do not have access to a bank account[3]. In addition, while the financial inclusion challenge is not as prevalent in more mature economies, consumers in markets such as Hong Kong[4] and Singapore[5] often lack comprehensive understanding of insurance, investment, retirement planning and tools (e.g. credit cards). Under the partnership, Experian and CompareAsiaGroup will empower consumers to access the relevant financial products and services they need, while improving consumers’ financial knowledge.


Experian’s investment in CompareAsiaGroup is the latest in a series of Asia Pacific investments made by the company to promote greater consumer financial health in the region. The investment in CompareAsiaGroup follows Experian’s recent investment in Grab, with both serving as clear commitments to the Asia Pacific fintech industry.


CompareAsiaGroup has raised more than US$90 million in total funding from investors, including IFC, a member of the World Bank Group, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust. Experian leads the latest US$20 million first close of Series B1 investment.




About CompareAsiaGroup

Launched in 2014 and headquartered in Hong Kong, CompareAsiaGroup is Asia’s leading personal finance platform, reaching over 60 million users across six markets including Hong Kong (, Malaysia (, the Philippines (, Singapore (, Taiwan ( and Thailand ( CompareAsiaGroup helps people make better financial choices. We achieve this through comprehensive, independent online comparison and education of over 1,000 financial products (including credit cards, personal loans, and insurance products). This is delivered through established relationships with more than 70 leading financial institutions across Asia Pacific. CompareAsiaGroup’s 250+ professionals are committed to delivering on the Group’s mission to empower people to build healthier financial lives. The Group has raised more than US$110 million from investors including Experian, IFC, a member of the World Bank Group, Goldman Sachs Investment Partners VC and Growth Equity, ACE & Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group, H&Q Utrust, Stem Financial, and Route 66 Ventures.


Learn more about how CompareAsiaGroup empowers people across Asia to build healthier financial lives at


About MoneyHero

Established in 2014, MoneyHero is Hong Kong’s first one-stop financial product comparison platform for consumers. We provide unbiased, free-of-cost comparisons of financial products, including credit cards, personal loans, insurances, mortgages to securities and banking accounts. Partnering with leading reputable banks and financial institutions, our consumers have access to the latest, most comprehensive financial product information for comparison and selection of products that best suit their needs. Ensuring a highly-tailored experience, our dedicated editorial team offers professional financial guidance, answers to frequently asked questions, and explanations of financial terms, while our product experts directly engage with consumers via phone and online channels. MoneyHero is committed to bringing people in Hong Kong the latest and most accurate financial information so that they can make informed choices to improve their financial health.


Find out more about MoneyHero at



[1] The Heart of Revolution: Open Banking Brings Financial Empowerment to Society, Experian, 29 July 2019

[2] CompareAsiaGroup Survey on Data Security in Hong Kong, CSG for CompareAsiaGroup, December 2018

[3] Financial Inclusion in Asia Pacific, International Monetary Fund, 8 October 2018

[4] Hong Kong Credit Score Report, CSG for CompareAsiaGroup, 2017

[5] The Financial Planning Attitudes Survey, MoneySense Council, 2017