Philippines-based fintech firm GCash is expanding into the insurance space in the country as online transactions surge, media reports said. In order to do so, GCash has partnered with Singapore-based insurtech Igloo. The new service is expected to be launch in 2021.
Online transaction has surged across the globe as a result of the pandemic. More and more people are going online to satisfy their needs and wants. GCash new product help secures its user’s online transaction. This feature is part of Igloo’s Cyber Protection vertical, which secures financial loss from any marketplace fraud.
In this regard, Martha Sazon, chief executive officer of GCash told the media, “This comes at an unprecedented time when we see robust growth in our online transactions and user base. With excellent customer experience being the heart of our business alongside value-added services through our platform, we are thrilled to launch this new product with Igloo that secures online transactions for our customers.”
GCash, which is backed by Globe Telecom and Chinese billionaire Jack Ma through his fintech venture Ant Group, is also launching also piloting another loan service, offering almost US$500 for borrowers to pay in 12 months.
“As a driver of financial inclusion, our objective is clear, and that is to ease the friction being experienced by unbanked and underserved Filipinos,” Sazon added.
Earlier this month, GCash revealed that it has teamed up with nine more leading brands to establish additional cash-in kiosks at their branches. These new partner companies include ExpressPay, DA5, Panalo Express, SouthStar Drug, Robinsons Supermarket, Shopwise, The Marketplace, Robinsons Easymart and No Brand.