yufin, a merchant platform that enables under-served SMEs in emerging markets to access the digital economy, has formed a partnership with Singapore-based insurance provider Gigacover.
Under the partnership, small businesses on the yufin platform in the Philippines can access Gigacover health insurance products tailored to their needs at the touch of a button. In the future, they will also be able to access business protection and offer customized insurance products such as family and health insurance to their customers.
yufin reveals it has exceeded 15,000 merchant signups since it was launched at the end May 2022.
Mr. Shubhrendu Khoche, Chief Strategy & Product Officer of yufin, said, “Our partnership with Gigacover helps us bring insurance to last-mile merchants to give them peace of mind and to help them offer their customers much-needed access to insurance protection.”
Ms. Chesca Figueroa, Gigacover’s country manager and partnerships lead in the Philippines, said, "With this partnership, we aim to further support yufin's efforts in financial education, planning, and protection to their respective small merchants."
Estimates are that there are over a million small and micro-enterprises in the Philippines such as the iconic sari-sari convenience stores, often run by one or two people, many women. Less than 20% of these SMEs are estimated to have bank accounts while more than 80% have access to smartphones.
The easy-to-use yufin app enables SMEs to manage transactions and payments providing a gateway to a suite of products and services that help them grow their businesses.
Ms. Liz Servañez, head of business development and partnerships at yufin, said, “Many consumer goods like coffee and shampoo are sacheted to make them more accessible and affordable in markets such as the Philippines.
“With partnerships such as our partnership with Gigacover, much-needed financial services products, like insurance protection can also be sacheted to make them accessible and affordable for the yufin merchant network and their customers.”