In addition to new funding, the investment gives CompareAsiaGroup access to Experian’s technology, including Experian One, a cloud-based credit scoring and risk assessment platform. The partnership with Experian will enable it to launch new open banking services in Hong Kong that can also be adapted for other markets.
The platform has 60 million users in Asian countries including Hong Kong, Singapore, Taiwan, and Thailand, who use it for bank accounts, personal loans, insurance, credit cards, and other financial products.
So far, CompareAsiaGroup has raised more than USD 90 million since it was founded in 2014. Its other investors include World Bank Group member IFC, Goldman Sachs Investment Partners, ACE and Company, Jardines, Alibaba Entrepreneurs Fund, SBI Group and H&Q Utrust.
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