The market for price comparison sites is just beginning to take shape in Asia, as compared to the UK and many parts of Europe, where such online portals have been prominent for a long time. Back in 2012, sites that allow users to compare prices across several e-commerce sites started gaining popularity in many parts of Asia. There have been travel aggregators that carved a special niche among consumers who are constantly looking for information on the best flight and accommodation deals. 
More recently, comparison sites for financial products like loans, insurance, credit cards, and even broadband and mobile plans have started to take the region by storm, offering customers a wider range of choices and better opportunities to save by comparing financial products based on pricing, interest rates, and other differentiating factors.
There is high potential in the comparison site business in Asia and this is upported by the increasing number of players in the market. Internet giants like Rocket Internet and Alibaba are definitely participating with Pricepanda and eTao, respectively. There has definitely been a growth in Asian demand for price comparison sites in recent years. This phenomenon can be attributed to a growing middle class, members of which seek the best value for their money.
Rising Internet Usage in the Region
Another reason why price comparison sites keep growing bigger in Asia is a high internet penetration rate. Retailers and service providers are aware of this, which is why they display greater willingness to partner with comparison sites in providing users with product information and pricing, as well as discounts and special offers to come out on top amongst competitors.
There is obviously great demand for comparison sites since users are much more engaged online nowadays. The sense of urgency to get information when shopping for products is more present than ever. When people are holding their smartphones or browsing the web, they search for things they need immediately. For instance, people are looking for the cheapest finds in the mall. What people tend to do is to look for it on the internet and look for reviews.
About 50% of internet users in the world are in Asia, according to June 2012 statistics. About 18 countries in the region had over 100% mobile penetration and two—Hong Kong and Macau—register penetration levels of above 200%, mainly due to the presence of more than one mobil device in households. India and China together make up 60% of the mobile market share. By mid-2012, overall regional penetration has reached 76%. Although there are some countries that could face challenges in terms of getting online access, it clearly shows that Asia is in the frontier of internet usage and telecommunications.
With hundreds of e-commerce sites online, aggregators are making it more convenient for online shoppers to find products they are looking for and get bigger savings in the process. Trends show there are likely to be more comparison portals emerging in Asia in the coming months.
Asia’s Financial Comparison Sites
People today have a better understanding and value of money, thanks to the accessibility of internet. Thus, financial comparison sites are slowly becoming more of a need than a want to Asian users. Granted, conservative cultures in the region might be preventing some people to buy insurance or apply for loans online, and a lot would rely on the people overcoming their hesitations.
An important player in the financial comparison industry is Compare Asia Group, which has launched financial comparison websites in a few Southeast Asian market and in Hong Kong where they built Money Hero.
The Future of Asian Financial Comparison Sites

Will financial comparison sites become as popular in Asia as they are in the West? There is the undisputable fact that Asian online users are getting more Internet savvy.  In fact, they rely more than ever on the Internet as a trusted source of information – even for anything related to financial products. For now, a rosy future is ahead for financial comparison websites in the region.
With a very well-connected Asian population, price comparison sites are not only bound to succeed, but can even possibly become a habit-forming tool for consumers—as is already the norm in other countries. Startup founders and venture capitalists are definitely seeing this potential.
The question is how would one comparison site set itself apart from others? Or perhaps, a bigger question would be: would the market be huge enough for several comparison sites?
If these compare sites want to win the market, they definitely need to first focus on providing users with accurate data and increase the number of providers or merchants represented in their database. It is also essential that they pay attention to the user-experience they provide on their websites.
The article is contributed by MoneyHero, a financial comparison website in Hong Kong.
 
(Image by Alex Masters)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

政府带头试行“边赚边缴”保健储蓄模式 暂无计划私人界推行

为确保自雇人士退休后能够负担医疗费用,自2020年起,将试行“边赚边缴”保健储蓄模式(Contribute As You Earn)。人力部长杨莉明表示,目前由政府带头实行该计划,暂不打算在私人领域实施。 根据《海峡时报》报道,在与博纳产业总裁伊斯迈的对话环节中,杨莉明阐述,“边赚边缴”保健储蓄模式,针对为政府工作的自雇人士,如自由摄影师等,政府会在支付酬劳前直接填补他们的保健储蓄户头,为自雇人士带来更多方便。 目前自雇人士的收入净额超过6000新元,仍需强制支付保健储蓄的费用。杨莉明表示,该计划使他们无须担心在“低潮期”还得应付大笔支出,同时也能提前享有保健储蓄户头每年四巴仙的利息。目前自雇人士每年只需缴交一次公积金。 “边赚边缴”保健储蓄模式于去年3月推出,旨在协助填补自雇人士的公积金保健储蓄户头。 博纳产业总裁伊斯迈也询问,自雇人士若将贡献出最高金额到保健储蓄中,是否会获得其他公积金帐户的豁免权。目前保健储蓄的缴费率从四巴仙至10.5巴仙不等,均由员工与其收入净额所定,最高可达5760新元至7560新元不等。 公积金其他账户还包括,普通账户、特殊或退休账户。目前员工除了保健储蓄账户外,仍需为其他公积金账户缴费。 对此,杨莉明表示,公积金不仅仅是为了保健需求,亦为了保障未来退休生活以及购买房子,而自雇人士就如同一般聘雇人士,他们的公积金比例分配也应于一般聘雇人士相同,贡献20巴仙到公积金账户里头。 自雇人士在这10年期间,占我国劳动者的比率介于8至10巴仙,尽管去年则维持在8巴仙,但整体人数较前年减少。而政府于2017年起,逐步落实自雇人士劳资政工作小组的建议,包括推出新保险产品补贴因生病或受伤失去的收入、制定确保自雇人士准时获得酬劳的劳资政标准等。 上述劳资政标准自去年3月推出至今,已获约570家来自各行各业的企业所采纳,在采购自雇人士提供的服务前,先在合约中明文规定服务协议。

More challenging projects to build, need to innovate: MND Minister

Singapore needs “to innovate and push the frontier of construction”, the Minister…

MOM: Last of quarantine blocks in migrant worker dorms now cleared of COVID-19

All dormitories, including standalone blocks in purpose-built dormitories serving as quarantine or…

王乙康称会馆会员获2B阶段报名优先权 以铭记创立学校的根源

针对会馆会员在为孩子报名属下小学一年级时,拥有2B阶段报名优先权,经常让公众不解,教育部长王乙康解释,这是为了不让国人忘记,这些政府辅助学校的历史和根源。 王乙康昨日(5日)在新加坡福建会馆教师节晚宴上说,政府辅助学校中的利益相关者、家长与社区都是我国教育体系下的主要合作伙伴,时至今日,他们继续维护学校与社群文化,协助培养下一代健全的价值观,为学生提供全面发展的教育。 王乙康也解释,自我国的自治、独立与增长后,政府向政府辅助学校提供了与政府学校相同条件的服务,包括发放教职员工的薪水,使得学校管理委员会的资金压力大大舒缓,能够更专注在学校的运营上。 谈及政府辅助学校的资源,王乙康说,华族会馆早期为了满足当时社会对教育的需求,就已创立辅助学校,成为政府辅助学校的重要部分。 我国教育制度可分成两大类:政府学校,以及政府辅助学校,其中政府辅助学校,是由社群成立并服务于社群。 它们自主组建教职委员会并为了学校的持续发展而筹集资金。鉴于起源和历史背景,这些学校也承载了创校社群的精神、文化和价值观。比如由福建会馆办的道南、爱同、光华等学校,连同许多其他社群学校,就属于“政府辅助学校”。