MoneyHero Limited, a personal finance aggregation and comparison platform in Greater Southeast Asia, has partnered with global AI consumer service firm Ada to launch an artificial intelligence (AI) Agent for customer service, aiming to transform customer experience while driving operational efficiency.

The new customer service support channel is now live in Singapore, with rollouts planned in other markets, including Hong Kong, the Philippines, and Taiwan, in the coming months, MoneyHero said in a statement on Thursday.

The AI Agent automates resolution of MoneyHero’s customer inquiries.

This real-time interaction significantly reduces customer service response time and fosters a seamless customer experience.

The customer service AI Agent leverages advanced AI technology, including natural language processing (NLP) and machine learning, to provide accurate and instant responses.

Starting in the second quarter this year, the AI Agent will also provide real-time updates on cashback, welcome gifts, and promotional rewards as they become available.

By delivering quick answers to common inquiries, this AI-driven approach enables the company to optimize resources and scale efficiently, while enhancing the overall customer experience.

It is noted that MoneyHero’s customer service team handles over 35,000 inquiries per month, with a significant portion related to reward fulfillment.

By automating responses to these common inquiries, the firm expects to reduce customer service requests by at least 50 percent, leading to estimated annual cost savings of $100,000.

By automating routine inquiries, the firm is also reducing the need for manual customer service, leading to greater cost efficiency while upholding a high standard of customer service support.

This AI-powered approach allows the company to scale its customer service operations without a proportional increase in costs, laying a solid foundation for sustainable business growth and profitability.

This initiative is also part of the firm’s broader strategy to leverage AI to enhance digital customer experiences, improve service quality, and reduce overall costs.

“As we continue to scale, AI-driven automation is key to improving operational efficiency and customer experience,

“With this AI Agent, we’re making it easier for customers to get quick resolution while alleviating the workload on our customer service team,” said Rohith Murthy, Chief Executive Officer of MoneyHero.

“This is a strong step in our AI-first strategy, and we look forward to expanding automation across more areas of our business,” he added.

Mike Murchison, Chief Executive Officer at Ada, said that MoneyHero is demonstrating how AI is elevating customer experiences in financial services.

“Through our partnership, MoneyHero is scaling personalized support and continuously improving the quality of customer interactions,

“Ada’s platform is built precisely for this—empowering businesses like MoneyHero to deliver extraordinary customer experiences that get better with every conversation,” he added.

MoneyHero operates in Singapore, Hong Kong, Taiwan and the Philippines.

Its brand portfolio includes business to consumer (B2C) platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the business to business (B2B) platform Creatory.

The company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform.

MoneyHero had over 270 commercial partner relationships as at September 30, 2024 and had approximately 7.4 million monthly unique users across its platform for the three months ended September 30, 2024.

The company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group.

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