Q2 2024 MoneyHero Ltd Earnings Call Transcript
Key Points
- MoneyHero Ltd (MNY) reported a 26% year-on-year growth in its core online financial comparison business.
- Singapore posted an impressive 68% year-on-year growth to USD9 million.
- Revenue from insurance products increased by 89% year-on-year to USD2.2 million, now contributing 11% of group revenue.
- The company processed 970,000 banking and insurance applications in the first half of 2024, marking a 100% year-on-year growth.
- MoneyHero Ltd (MNY) was named the personal finance tech of the year at the Asia fintech awards, 2024.
- Adjusted EBITDA loss increased to negative USD9.3 million for Q2 2024, up from negative USD6.4 million in Q1 2024.
- The Philippine business decreased by 16% year-on-year due to reduced volume with key clients.
- Taiwan business saw a marginal decrease of 4% year-on-year to USD1.4 million due to the pause of product offerings from several key clients.
- Increased operating costs due to additional expenses associated with being a public company.
- Provider constraints in Taiwan and the Philippines impacted short-term financial performance.
Good day, ladies and gentlemen. Thank you for standing by. Welcome to MoneyHero Group second quarter 2024 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to your host, Chadwick Dorai, Strategic Finance Lead. Please go ahead.
Thank you, Ligero. Hello, everyone, very good morning, good evening, depending on where you are. My name is Chadwick Dorai and I am Strategic Finance Lead for MoneyHero Group overseeing our Investor Relations activities.
We're excited to have you join us for MoneyHero Group's second quarter 2024 earnings conference call. Today we have with us Rohith Murthy, our CEO, and Hao Qian, our CFO. Let's start with a few friendly reminders. First of all, you can find detailed results in our earnings release located in the Investor Relations section of our website. Also, we are recording today's webcast. So don't worry if you miss anything. A replay and a transcript will be posted on our website
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