GCash to further expand financial services
MYNT (Globe Fintech Innovations, Inc.) announced on Monday that it will be introducing four more insurance packages in the third quarter.
GCash, which is operated by Mynt, aims to expand its financial services, especially for young professionals and micro, small, and medium enterprises (MSMEs), GCash officials said during a press briefing.
Set to be launched in the third quarter are education, variable universal life (VUL), travel, and business insurance products, the company said.
“Most Filipinos realized they need insurance when it is too late. Now, a recent study by the Philippine Life Insurance Association in April 2022 showed that more and more Filipinos are open to availing of insurance. In fact, 67% of the Filipinos surveyed are open to buying health insurance products because of the pandemic,” GCash Vice-President and Head of New Business Neil Trinidad said.
“Coming very soon, we’ll be having GInsure for business. This is our way to enable and empower MSMEs to now finally avail of insurance for their employees at a fraction of the cost with all the different plans and policies from our different partners,” he added.
GCash financial services include savings, loans, and even investment.
“GSave, a digital savings account, offers a higher savings rate of up to 2.6% per annum than traditional banks, and that lets users access their money 24/7 anytime, anywhere,” the company said.
Currently, its GInsure offers insurance products for personal accidents, medical services, car insurance, income loss, online shopping, bills, cars, and pets.
It also enables individuals and MSMEs to have access to credit.
“GGives is an easy pay-later option that allows users to purchase gadgets, appliances, furniture and even plane tickets, among others worth up to P50,000 from 85,000 partner stores nationwide and pay for them later up to 24 gives over 12 months,” the company said.
It also has GLoan, which offers fast cash loans for up to P50,000 repayable over 12 months. The company said this product is suitable for digital entrepreneurs with growing online businesses. — Arjay L. Balinbin