Startup Success Story: CompareAsiaGroup

By August 30, 2016 December 3rd, 2017 Lifestyle

Hong Kong witnessed the flowering of a number of start-ups this year, nearly the double from last year. Thus, it launched a new Innovation and Technology Bureau in November that made people expect the city emerge as the Silicon Valley of Asia within the next 12 months. The local government is, however, promoting fintech start-ups in a big way and these are expected to make a big splash in the coming year.
The CompareAsiaGroup is the leading online comparison platform for banking and insurance products in the Asia Pacific region. The Group was founded in 2014 in Hong Kong and currently employs over 200 financial experts and technologists.

CompareAsiaGroup currently operates sites in eight Asian countries (Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam) that let consumers compare credit cards, loans, insurance, and other financial products for free.

It makes money by partnering with some companies (it currently works with 60 brands, including HSBC, Citibank, and Standard Chartered) and charging them if a user signs up for their services through its site. It helps financial institutions in turn by allowing them to reach more customers without the expense of setting up new branches, hiring more sales agents, or paying for radio and television commercials.

CompareAsiaGroup is a Hong Kong-based start-up which lets users compare personal finance products, including credit cards and insurance. The Group helps people across Asia save money and makes better choices about personal finance with comprehensive, free, and independent online comparison tools for insurance, credit cards, personal loans, and other financial products.Eder who is the co-founder and director of CompareAsiaGroup said, “Right now we are staying fully focused on the markets we are active in, but there are a lot of opportunities across Asia and the funding will allow us to use our flexible IT infrastructure to go into new markets in the future. Its Series A will allow the company to add more categories, improve its platform’s technology, and expand in its current markets, before launching in new countries.”

This is a vastly growing company in the Hong Kong. It is providing a lot of opportunities to the employers and customers. The employees can work freely without any disturbance or pressure. The benefits for employees:

  • Opportunity to work in exciting locations throughout Asia
  •  Highly experienced colleagues who are easy-going and willing to help
  • Low power distance (anyone can easily approach C-levels/MDs and even partners to discuss business related matters)
  •  After work socials
  •  Freedom to pursue own projects
  •  Great office
  •  Rapidly growing company, providing opportunities to excel for those who grab them

CompareAsiaGroup has founded two years ago and has so far expanded to nine markets. The service is free to consumers, while the more than 60 banks and insurance companies that list their products pay a commission in return for expanding their marketing reach.

Sam Allen who is the CEO of CompareAsiaGroup said, “We have 20 million users across the region. We help consumers save time and money and as we grow and continue to invest, we will continue to do that”.
Allen tells TechCrunch that they are planning to raise a second round of funding that it will use to improve its technology and add more information from banks, telecoms, and other providers as its sites aim for faster growth. The company may also launch sites in new Asian countries, but it has no definitive plans right now.

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