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Harvard Case - MatchMove: Business Model Evolution

"MatchMove: Business Model Evolution" Harvard business case study is written by Ted Tschang, Adina Wong. It deals with the challenges in the field of Entrepreneurship. The case study is 14 page(s) long and it was first published on : May 24, 2016

At Fern Fort University, we recommend MatchMove embark on a strategic pivot towards a global fintech platform model, leveraging its existing strengths in mobile payments and financial inclusion to offer a comprehensive suite of financial services across emerging markets. This recommendation is based on the company?s proven track record of innovation, its deep understanding of the Southeast Asian market, and the growing demand for accessible and affordable financial solutions in emerging economies.

2. Background

MatchMove is a Singapore-based fintech company founded in 2013 by Dr. Wai Lian Heng, with a mission to democratize financial services through mobile technology. The company initially focused on providing mobile payment solutions in Southeast Asia, building a strong reputation for its user-friendly platform and innovative approach. However, MatchMove faced challenges in scaling its business due to intense competition and the need for significant investment in infrastructure and regulatory compliance.

3. Analysis of the Case Study

Strategic Framework: We will use Porter?s Five Forces framework to analyze the competitive landscape and identify opportunities for MatchMove.

Porter?s Five Forces Analysis:

  • Threat of New Entrants: High. The fintech industry is characterized by low barriers to entry, with numerous startups emerging in the region.
  • Bargaining Power of Buyers: Moderate. Consumers have multiple options for mobile payment services, but MatchMove?s focus on financial inclusion gives it a unique selling proposition.
  • Bargaining Power of Suppliers: Low. MatchMove relies on technology providers and payment gateways, but these are generally commoditized services.
  • Threat of Substitute Products: High. Traditional banks and other financial institutions are increasingly offering mobile payment solutions, posing a significant threat.
  • Competitive Rivalry: High. The Southeast Asian mobile payment market is highly competitive, with major players like GrabPay, GoPay, and Alipay competing for market share.

Key Findings:

  • The fintech industry is highly competitive, with a constant flow of new entrants and innovative products.
  • MatchMove?s focus on financial inclusion provides a niche market opportunity, but it needs to differentiate itself from competitors offering similar services.
  • The company needs to expand its product portfolio to offer a more comprehensive suite of financial services to remain competitive.

Opportunities:

  • Growth in Emerging Markets: Southeast Asia and other emerging markets have a large unbanked population with growing demand for financial services.
  • Leveraging Technology: MatchMove can utilize its existing technology platform to develop new products and services, such as microloans, insurance, and investment products.
  • Partnerships: MatchMove can partner with local banks, financial institutions, and other businesses to expand its reach and offer a wider range of services.

4. Recommendations

1. Strategic Pivot to a Global Fintech Platform:

  • Expand Product Portfolio: MatchMove should develop a comprehensive suite of financial services, including microloans, insurance, investment products, and wealth management solutions.
  • Target Emerging Markets: Focus on expanding into high-growth emerging markets in Southeast Asia, Africa, and Latin America, where the demand for accessible financial services is high.
  • Leverage Technology: Invest in building a robust and scalable technology platform that can support the expansion of products and services.

2. Strategic Partnerships:

  • Collaborate with Local Banks: Partner with local banks and financial institutions to leverage their existing infrastructure and regulatory compliance.
  • Form Strategic Alliances: Partner with other fintech companies, technology providers, and mobile network operators to expand reach and offer a wider range of services.
  • Develop an Open API Platform: Enable third-party developers to integrate with MatchMove?s platform, creating a more dynamic and flexible ecosystem.

3. Focus on Financial Inclusion:

  • Develop Products for Underserved Populations: Offer financial products tailored to the needs of low-income individuals and small businesses.
  • Promote Financial Literacy: Partner with non-profit organizations and government agencies to educate consumers about financial products and services.
  • Leverage Mobile Technology: Make financial services accessible to everyone through mobile phones and other digital channels.

5. Basis of Recommendations

  • Core Competencies: MatchMove has a strong foundation in mobile payments and a deep understanding of the Southeast Asian market. This provides a solid basis for expanding into other financial services.
  • External Customers: There is a growing demand for accessible and affordable financial services in emerging markets. MatchMove can capitalize on this opportunity by offering a comprehensive suite of products.
  • Competitors: The fintech industry is highly competitive, but MatchMove can differentiate itself by focusing on financial inclusion and building a strong brand reputation.
  • Attractiveness: The global fintech market is expected to grow significantly in the coming years. MatchMove has the potential to capture a significant share of this market by implementing the recommended strategies.

6. Conclusion

MatchMove has the potential to become a leading global fintech platform by leveraging its existing strengths and adapting to the evolving industry landscape. By expanding its product portfolio, targeting emerging markets, and building strategic partnerships, MatchMove can achieve sustainable growth and make a positive impact on the lives of millions of people around the world.

7. Discussion

Alternatives:

  • Maintain the Current Business Model: MatchMove could continue to focus on mobile payments and try to gain market share in Southeast Asia. However, this would be a highly competitive strategy with limited growth potential.
  • Acquire Existing Fintech Companies: MatchMove could acquire existing fintech companies to expand its product portfolio and market reach. However, this would require significant investment and could be risky.

Risks:

  • Regulatory Challenges: The fintech industry is subject to strict regulation in many countries. MatchMove needs to ensure that it complies with all applicable laws and regulations.
  • Competition: The fintech industry is highly competitive, with numerous startups and established players vying for market share. MatchMove needs to differentiate itself and build a strong brand reputation.
  • Technology Risk: MatchMove needs to invest in building a robust and scalable technology platform to support its growth plans. Any technical failures could have a significant impact on the business.

Key Assumptions:

  • The demand for accessible and affordable financial services in emerging markets will continue to grow.
  • MatchMove will be able to successfully develop and launch new financial products and services.
  • MatchMove will be able to secure the necessary funding to support its growth plans.

8. Next Steps

  • Develop a Detailed Business Plan: MatchMove should develop a comprehensive business plan that outlines its strategic objectives, target markets, product portfolio, and financial projections.
  • Secure Funding: MatchMove needs to secure funding to support its growth plans. This could include venture capital, debt financing, or a combination of both.
  • Build a Strong Team: MatchMove needs to build a strong team of experienced professionals with expertise in fintech, financial services, and emerging markets.
  • Launch Pilot Programs: MatchMove should launch pilot programs in selected emerging markets to test the viability of its new products and services.
  • Monitor and Evaluate Performance: MatchMove needs to continuously monitor and evaluate the performance of its business and make adjustments as necessary.

By taking these steps, MatchMove can position itself for success in the growing global fintech market and make a positive impact on the lives of millions of people around the world.

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Case Description

In early 2009, Shailesh Naik founded MatchMove, a Singapore-based online entertainment service provider. Naik and his business partner had identified a gap in the Asian online gaming market and their vision was to plug this gap with a company-specific platform that incorporated casual gaming, social networking and e-commerce capabilities. MatchMove signed up global technology giant Yahoo! as its first large client. The company also contracted with game developers to create its own store of quality games that it could offer to its clients. MatchMove's key value proposition was to act as a conduit between game companies with a high content and low web traffic profile, as well as companies like Yahoo! and Microsoft with a high traffic and limited content profile. It eventually visualised itself as a closed e-commerce system to accept payments for services on its clients' websites, as well as an open payments portal for all users for multiple merchants. By 2012, MatchMove had further ventured into 'gamification', a domain related to its core business. Fast-forwarding to January 2014, Naik sees an opportunity in the market to create the next technological disruption to e-commerce. His vision is that of an open network which taps into the current trend of catering to the 'unbanked' and 'un-carded'. Will this work? Can he do it alone, or should he look for a partner? How should MatchMove evolve its business model to seize this next big opportunity?

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