Singaporean multinational telecommunications conglomerate Singtel is launching an insurance plan on its Dash application, the media reported.
The insurance plan has a minimum initial premium of S$2,000, up to a maximum of S$20,000.
It will also provide a 2 percent per annum returns for the first policy year, has no lock-in period and unlimited withdrawals with zero penalties.
The new Dash EasyEarn will be underwritten by Etiqa Insurance.
In a statement, Singtel said that the plan is designed for investors who want to start saving regularly for their future but who may be concerned about cash flow.
Gilbert Chuah, Head of Mobile Financial Services, Singtel’s International Group told the media, “Dash EasyEarn represents the next steps for Dash as it grows to become a more inclusive everyday app that will play a bigger part in enabling our customers’ digital lifestyles. With Dash EasyEarn, customers can start growing their savings with greater convenience with a fully digital insurance product accessible on their mobile phones. We will continue to use technology to glean deeper business insights, better understand the needs and habits of consumers, and bring them the products and services that they want.”
Over the years, Dash has become one of the largest non-bank mobile wallets in Singapore. Launch in 2014, the app has expanded beyond payments and mobile remittance to include lifestyle services like restaurant bookings and travel insurance with over 1 million registered users.
In April, Singtel and a joint venture between StarHub and M1 (JV) won the right to establish a 5G network in Singapore.
It was reported that the firms will have to provide 5G network for at least half of Singapore by the end of 2022.