MoneyHero : HongKong’s No. 1 Money Comparison Tool

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MoneyHero is one-stop resource for a wide range of financial products in Hong Kong. With their sophisticated comparison tool, you will be able to access up-to-date and unbiased information about credit cards, loans, insurance, broadband and mobile plans, and deposit accounts. MoneyHero is working hard to make sure that everyone is given the opportunity to find the best products in the market and be equipped with the right information to be able to make sound financial decisions.

Financial products in Hong Kong

  • Credit Cards. Compare annual interests, promos, and credit card perks. Find the best credit card option for you instantly. With the MoneyHero comparison tool, view all different apply directly with your chosen bank.
  • Loans. Do you need to apply for a personal loan or a housing loan? Use our loan payment calculator to find out which loan package works for your planned budget. The MoneyHero comparison tool provides details on different packages offered by lenders in Hong Kong.
  • Insurance. Choose an insurance package that gives the best possible coverage at reasonable premiums. MoneyHero offers information on personal accident insurance, travel insurance, and medical insurance packages. Compare insurance plans and stop worrying about tomorrow.

Techaloo got an opportunity to have a chit chat with Alister Musgrave, Managing Director @ Money Hero. Let see what he wants to share with us.

moneyTechaloo : When did you start your journey into becoming an entrepreneur?
From a young age I’ve always wanted to set up my own business. I began my career in 2009 in Morgan Stanley, based in London. I loved it for many years due to the incredible people I got to work with and great learning culture. However, the lure of banking soon wore off and I felt my learning curve flattening out. Simultaneously, I began look beyond investment banking and saw entrepreneurs working hard, creating new businesses, and getting great personal satisfaction from what they were doing.

Techaloo : What motivated you to join the entrepreneurship community? 
Personally, it was the desire to build something from scratch, learn from other entrepreneurs, and build a great business. We are nearly one year into the journey and I’ve never worked so hard, nor been so fulfilled and motivated by my job.

Techaloo : Why did you choose Internet marketing over other industries? 
Internet marketing appealed to me due to the many interesting ways you can grow a business, not necessarily by pure financial strength, but by thought leadership, coupled with a great product. The fact that we’re already generating hundreds of new leads per week is testament to the power of a focused and optimized SEO campaign, coupled with strong content marketing.

Techaloo : How did this idea of comparison portal strike you? 
I lived in the UK for many years and used comparison sites for all my banking and broadband needs. Travelling to HK a lot, I spotted the potential for a price comparison site here. The consumer is presented with a huge number of different financial products but there was not one portal to compare them all together as there is in the UK. Then, by coincidence, a friend and former colleague, Gerald Eder (MD of Compare Asia Group), reached out to me and it turned out he was building price comparison sites across Asia. We had a brief discussion, where I told him how I wanted to do this in Hong Kong and two weeks later, I had landed in Hong Kong and began setting up the business.

Techaloo : What’s the secret behind this catchy name “MoneyHero”?
MoneyHero is your one portal to save money, compare products, and learn helpful money saving tips. We put the consumer’s needs first and help them save – we are their hero; we compare, you save!

Techaloo : What sort of hurdles did you face while starting?
When you are a new concept in a market, the safest thing for potential partners to do is to say ‘No’ to you –so you need to remember that every objection is a reaction to something you say, and therefore you must make sure they see the benefits in working with MoneyHero and make ‘No’ not an option.

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Techaloo : Give a brief about the founders and the team involved?
MoneyHero was incubated by Nova Founders’ Compare Asia Group. Compare Asia Group has now set up financial comparison sites in six countries in South East Asia, with an addressable market of over 500 million people. Our businesses are locally lead, with added experience from people who have worked in similar financial comparison businesses in the UK or Australia.

Techaloo : How did you get your initial funding?
We focused on funding from HK local investors who saw the need to build a world-class comparison site in HK.

Techaloo : As it says on the site: “free and without obligations.” So how do you manage to provide free services while employing people, who work 5 days a week?
Like all start-ups, it takes initial investment before you turn profitable. Rigorous cost-control with synergies from our sister sites in South-East Asia ensured we kept costs down and broke even quite soon after launch.

Techaloo : From where and how do you collect your data for comparison?
We work very hard and diligently at our data for comparison to ensure it is accurate and up-to-date.

Techaloo : How responsive has the market been?
So far the response has been fantastic. Everyone sees the potential in our product, so now it’s just a case of driving traffic to the site, retaining cost discipline, and improving the user experience on site.

Techaloo : How difficult was it expanding the company to different places after Hong Kong?
Learnings from setting up in Malaysia (www.comparehero.my) and Hong Kong have ensured that launches in other countries have gotten smoother. Naturally, all areas have different localized hurdles, but so far there is nothing that we can’t overcome.

Techaloo : What are your plans over the next 3 years and how do you plan to expand the business further in other parts of Asia?
MoneyHero.com.hk is a HK service for the HK consumer, and we are focused on winning and growing in Hong Kong. However, we are part of the Compare Asia Group (CompareAsiaGroup.com), which has rolled out comparison sites across South East Asia, and the plan is to win in these markets as fast as possible.

Techaloo : What do you think about startup ecosystem in Asia?
There’s a fantastic setup out here. The vibrant economic backdrop, open markets, and incredible opportunities in many countries here mean it’s a fantastic place to build a winning business.

Techaloo : As an entrepreneur, where do you think the youth is lagging behind and what advice do you want to give them? 
Be critical of yourself and your peers; and use this to ensure you are all constantly improving. While in the short term it may be hard to hear, in the long run it will make you and your team better.

Techaloo : When, in your opinion, is best time to start as an entrepreneur?
When you find a business that you believe in, are passionate about, and can give 100% to.

Techaloo : One amazing quote that you always believe in or follow? 
“If you don’t ask you don’t get!”

Techaloo : What do you think about techaloo.com?
It’s a fantastic publication with great advice for budding entrepreneurs – keep up the great work!

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Deepanker Saxena is a Third year undergraduate at VIT University (Vellore) pursuing B.Tech in Information Technology. He likes interacting with different people and experiencing new things in life which he says inspires him to write. A blogger, researcher, gamer, Tech freak, web developer and a poet. Being the president of Entrepreneurship Cell – VIT, he has a keen interest in fostering Entrepreneurship across India.

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