1. Fintech products that save you money: Cashback apps like shopback.my
If you use this app, in just two years, you could stand to receive over RM400 in cashback. All you have to do is make purchases you were going to make anyway, but through this platform. You can use it to get money back even for mobile top-ups (like from Lazada and similar) and for vacations (Expedia and similar).
Comparison websites/apps
• Credit card, personal loan, travel insurance, mortgage, fixed deposit, savings accounts, broadband and telco comparison websites GoBear, iMoney, RinggitPlus, CompareHero, LoanStreet and similar.
• Product comparison websites – iPrice and similar.
• Money exchange rates comparison – CurrenSeek.
2. Fintech products that help with money management
• Expense-tracking tools: Money Lover
This is an app you have to pay for from the AppStore or PlayStore. The fee is worth it as it gives absolutely beautiful breakdowns in graphic format.
• Invoicing/accounting tool: Financio.co
This invoicing tool (free-for-startups) works great and looks professional. There is plenty of accounting software in the market, but this particular one really stands out.
Accounting software used to be bleh, but not anymore – this one has character, so that’s why it has made the list.
3. Fintech products for investment
• Gold savings account: HelloGold
Strong team and potential platform for those who want to invest in gold. Shariah-compliant. Partnership with AEON Credit.
Basically, HelloGold allows you to buy gold (digital or physical) and records your ownership to that gold on blockchain (tamper-free data ledger where in this case, proof of ownership is prioritised). You can invest for as low as RM1, and the gold can be used as collateral.
• Unit trust platform: FundSupermart
Fundsupermart has been around forever, but it’s worth putting them here in case you don’t know them. They also have a fund selector tool and it’s easy to find Shariah-compliant options, so thumbs up for this feature.
Other fintech products in Malaysia
The fintech product offerings in Malaysia are still limited. Overseas, there are:
• Apps that help you invest small amounts of money automatically (like Digit, Acorn).
• Robo-advisors that allows people (beyond the crazy rich ones) access to personalised financial, wealth and retirement planning.
• AI (artificial intelligence) tools that give people alerts and help them make financial decisions – whether good or bad can be debated as AI is not foolproof.
• Bank apps that are apparently more user-friendly.
• Equity crowdfunding and P2P lending platforms.
• The trend that will hopefully make insurance cheaper – online insurance providers (also called insurtech).
• More digital payment options like SamsungPay.
• Various websites and apps that help you check stock and commodity prices.
• Money management platforms that can give you better-suited financial products like MoneyLion.
• Other bitcoin service providers (most are global companies but some welcome Malaysians as users).
• Crowdfunding platforms that Malaysians use to raise funds for education, events and other things.
• Big data applications that match deserving candidates to agencies providing social security services, like food banks.
• Senior/disabled-friendly security measures that can identify and stop people from becoming financial victims to scammers.
• Blockchain tech enabling transparent and efficient BR1M or similar fund disbursements.
This article first appeared in ringgitohringgit.com
Suraya is a corporate writer-for-hire and the blogger behind personal finance website Ringgit Oh Ringgit. She is more of a minimalist, less of a consumerist, a konon DIY enthusiast, a let’s-support-small-businesses-over-big-corporations kinda girl. Prior to her current role, she worked in various capacities within the non-profit industry.