A Malaysian financial marketplace is reinforcing its fintech play by launching a digital financial planning service which offers both Islamic and conventional advisory services.
Known as RinggitPlus Advance, the digital platform is a product of financial comparison website RinggitPlus and marks the firm’s first foray into the financial advisory space. Said to be Malaysia’s first fully-virtual financial planning service from onboarding to consultation, through RinggitPlus Advance, Malaysians are able to access one-to-one guided financial planning service from a Certified Financial Planner (CFP) licensed by the Securities Commission of Malaysia and a member of the Financial Planning Association of Malaysia.
The platform has six focus areas: cash flow and net worth analysis, debt and liability management, insurance and risk management, unit trust and investment, tax and Zakat planning as well as estate or family wealth planning.
RinggitPlus Advance is also connecting Muslim clients to qualified consultants who would be able to provide specialized advice such as on Islamic investment strategies, optimization of tax payable via Zakat and estate planning involving Hibah, Faraid and Wasiyyah.
“Since 2012, RinggitPlus has been at the forefront of providing value and transparency to consumers looking for financial products and services. I am truly excited that through RinggitPlus Advance, we are expanding our mission in the financial planning space,” said Hann Liew, the co-founder and director of RinggitPlus.
An internal RinggitPlus analysis, based on a benchmark of 27 CFPs in Kuala Lumpur listed on Smartfinance.my ranging from RM500 (US$120.85) to RM10,000 (US$2,416.92) in fees, found that the services through its digital platform cost up to 83% lower.
RinggitPlus’s expansion into the financial advisory segment could be viewed as a natural progression building on its financial product comparison business, and underscores how the financial planning industry is changing in the face of digital disruption.