SME financial technology platform yufin and insurance provider Gigacover have partnered to improve access to insurance products in the Philippines.
The partnership will allow small businesses on the yufin platform in the Philippines to easily access personalised Gigacover health insurance products. In the future, the merchants will also be able to access business protection and offer insurance products such as family and health insurance to their customers.
The announcement comes as yufin reveals it has exceeded 15,000 merchant signups since launching in Davao City, Philippines, in late May.
“Gigacover has always focused on providing the underserved and underbanked access to better financial health, and by providing these microinsurance products, we are able to help them take a step closer to building a more financially sound future by protecting their income from unprecedented events,” said Chesca Figueroa, Gigacover’s country manager and partnerships lead in the Philippines. “With this partnership, we aim to further support yufin's efforts in financial education, planning, and protection to their respective small merchants.”
According to yufin, there are around a million small and micro-enterprises in the Philippines, including sari-sari convenience stores. These stores are often run by just one or two people, many of whom are women. Below 20% of these SMEs are estimated to have bank accounts, but more than 80% have access to smartphones.
The yufin app allows SMEs to manage transactions and payments digitally and provides them with access to various financial products and services that can help them grow their businesses.
“We are delighted and humbled by the welcome yufin has received so far from our community merchant partners,” said Gerald Chua, head of merchant acquiring, yufin Philippines. “We help small businesses manage their transactions through a suite of tools, products and services that help them grow and prosper.”
