Drive-through pawnshops

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This is an interesting post on a few fronts. This is especially when we usually hear more on BNPLs and banking services rather than pawnshops in the news.  

🚘 MONEYMAX Financial Services is deepening its presence in Malaysia, touting its drive-through pawnshops as a differentiator. By analysing #data and customer pain points, it has identified drive-through pawnshops as a way to overcome concerns of being robbed (whilst carrying lots of cash) and the hassle of finding parking. 

📈 Not wasting a pandemic. The company has been operating in Malaysia since 2014, under a joint venture agreement. The pandemic created an opportunity for expansion, as several properties in ideal locations had been vacated. 

💻 As they kept their interest rates unchanged despite cost of funds doubling and overheads increasing, their margins has suffered. Thus, to cope with rising costs, MoneyMax is investing in digitalisation that could bring efficiency gains. This means acquiring more tech talent, such as data analysts, while other companies are laying workers off. They want to use data to enhance supply management and inventory tracking. 

🚗 Auto financing, which MoneyMax started to offer in 2018, could also grow into a core pillar of the business. MoneyMax’s offerings range from financing for the renewal of Certificates of Entitlement, to inventory financing for the car dealers it works with. 

https://lnkd.in/gRNx6TTA

 #tech #data #business #malaysia #financialservices #digitalisation #jenetalksaboutdata


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