The Philippines has historically lagged behind its counterparts in Southeast Asia regarding insurance penetration. According to data from the Insurance Commission (IC), the country's insurance penetration rate stands at 1.68% of GDP, compared with 3.3% in Thailand and 4.5% in Malaysia. Japan boasts an insurance penetration of 10%, while the global average rests at 7.2%.
This is the challenge that GCash, the leading finance app in the country, has been addressing as evidenced by the rapid growth of its insured user base to 7.8 million, marking a 140% year-on-year (YoY) surge. GInsure is the GCash in-app insurance marketplace. The fintech leader reported selling 28.3 million of insurance policies for the year, reflecting a 156% YoY growth as of the second quarter of 2024.
With this continuous growth, GCash has enabled more and more Filipinos to achieve a better and more secure financial future through its accessible and convenient insurance products right at their fingertips.
“We are pleased to see the significant growth in our GInsure platform. This reflects our ongoing commitment to financial inclusion and our mission to provide ‘Finance for All.’ Through GInsure, users can now manage unexpected expenses and help them be ready for a ‘rainy day’,”
said GCash vice president and group head of new businesses Winsley Bangit.
As it marks 20 years of enabling financial inclusion for millions of Filipinos, the success of GInsure is part of GCash’s broader strategy to deliver comprehensive financial services that go beyond payments. From savings and investments to insurance and credit, GCash has evolved into a cutting-edge digital financial platform designed to meet the diverse needs of its users. The integration of these services into one app allows GCash to offer a seamless user experience, as well as a simpler application process by reducing the documents that a user requires to qualify for an insurance product, further encouraging the adoption of financial tools among Filipinos, especially the unbanked sector.
By integrating insurance products directly into the GCash app, the platform has made it easier for users to access various insurance options that cater to their specific needs—whether life, health, or travel insurance. This ease of access has been crucial in driving the adoption of insurance products among the previously uninsured or underinsured segments of the population.
As the leading fintech platform in the Philippines, GCash remains committed to driving financial inclusion and providing Filipinos with the tools they need to improve their financial health and independence. The continued growth in its user base and the increasing uptake of its insurance products underscore the platform's role in shaping the future of financial services in the country.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
