MoneyGuru Co has commercially introduced what it claims to be Thailand's first pure-play online financial comparison site, entering the financial services market worth 1.2 billion baht.
The subsidiary of London-based CompareGlobalGroup, a global investment firm, launched moneyguru.co.th yesterday to provide comparisons of financial products and services, starting with auto insurance.
"The growing online community is opening up new growth opportunities for financial comparison services," said Katherine Aphaivongs, managing director of MoneyGuru Co.
Ms Katherine believes financial services with conventional brokerage firms will decline over the long run as people move to electronic trading and services.
However, she acknowledged Thailand's online financial services accounted for only 10% of the total, compared with 70% in Britain.
The number of internet users in Thailand now totals 24 million.
CompareAsiaGroup offers comparison sites in Hong Kong, Malaysia, Indonesia, the Philippines, Taiwan and now Thailand through its US$60 million investment. Its regional headquarters is located in the Philippines.
Ms Katherine said MoneyGuru's site would allow users to compare premiums for auto insurance initially, as Thailand has over 10 million vehicles, with 60% registered for first-class insurance.
"Next year we plan to expand to personal insurance coverage for accidents and travel," she said.
The site will also offer credit cards and personal loans over the next three years.
"We're looking to provide comparison services for both fixed and wireless broadband in the second stage," said Ms Katherine.
The site could help financial service firms cut operating costs by 20%, she said. MoneyGuru will charge companies a marketing fee without a commission fee requirement.
The company expects to break even within two years and list on the SET by 2017, she said.
MoneyGuru is setting its sights on an 80% market share worth about 12 billion baht by 2020.