GCash, Singlife partner for insurance product

MANILA, Philippines – Mobile wallet GCash is expanding its offering as it teams up with digital insurer Singlife Philippines.

GCash said the partnership aims to provide users access to relevant, affordable, and secure insurance products.

After offering users a suite of financial services such as savings, on-demand credit, and investments, the company said offering insurance is the next step towards its goal of financial inclusion for all Filipinos.

“GCash seeks to maximize the reach of technology to promote health and financial security, especially during this global health situation. After offering customers a new, more customer-friendly way to do banking transactions, partnering with Singlife Philippines will allow us to also offer our clients access to a number of meaningful life insurance products that cater to their financial well-being,” GCash chief executive officer Martha Sazon said.

Singlife Philippines is a majority-owned subsidiary of Singlife, with partners Di-Firm and Aboitiz Equity Ventures.

The company targets to unlock the potential of money for everyone by offering innovative tools and solutions that help people become confident and in control of their finances.

“We believe that everyone should have access to financial products that support them to manage their financial lives efficiently. By using digital technology, we can simplify products, make them affordable for a larger market, and design them to be customer centric,” Singlife Philippines president and CEO Rien Hermans said.

“Partnering with GCash, the biggest e-wallet platform in the Philippines, makes perfect sense as our goals are aligned.  We offer simple and flexible products at affordable prices to a large base of customers,” he said.

GCash plans to continue working with local industry leaders to offer the best insurance options to the market.

“The end goal is to really connect every Filipino to all the kinds of financial protection they might need in the most convenient way possible,” Sazon said.

GCash is operated by Globe Fintech Innovations Inc., part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.