MoneyHero Group said the number of its Filipino members rose to 7.1 million at the end of June, despite lower volumes in the market.

The figure increased from six million a year earlier and accounted for 70% of the group’s 10.1 million total members, making the Philippines its largest market by membership. MoneyHero operates in the Philippines through the financial comparison platform Moneymax.

The company said volumes declined in both the Philippines and Singapore amid a shift toward cash rewards. As a result, second-quarter revenue from its Philippine operations fell to $1 million from $1.7 million a year earlier, accounting for 6.2% of the group’s total revenue.

Revenue from the Philippines for the first half also decreased to $2.4 million from $3.5 million, representing 7.6% of the group total.

Despite the increase in members, traffic from Filipino users declined. The number of sessions fell to 2.6 million in the second quarter from 4.1 million a year earlier. For the first half, sessions dropped to 5.2 million from 9.4 million.

Average monthly unique users declined to 0.8 million from 1.3 million in the same period last year. MoneyHero said the changes reflected a group-wide shift toward users more likely to complete an application and away from low-intent paid acquisition.

MoneyHero Group’s total revenue fell 13% year on year to $15.8 million in the second quarter. Its first-half revenue was flat at $32.3 million.

Total transaction value was steady at $20.9 million during the quarter, while first-half transaction value rose 9% year on year to $41.5 million. Cash rewards increased 77% to $5.1 million, with most of the rewards concentrated in Singapore and Hong Kong.

MoneyHero Group reported a second-quarter net loss of $1.2 million. — A.M.C. Sy