Manila, 24 April 2024 - Philippines’ GCash and Oona Insurance Philippines have entered into partnership that will benefit all Filipino travelers.
The new partnership was formally made after the signing of the Memorandum of Agreement between Winsely Bangit, GCash’s VP, Head of New Businesses Group, and Abhishek Bhatia, Founder and Chief Executive Officer of the Oona Insurance group held last April 24, 2024 at Seda Hotel in BGC, Taguig City.
Under the agreement, Oona Insurance’s game changing product- the Smart Flight Delay Insurance - will now be accessible and available in the GCash app, through its GInsure Marketplace. The Smart Flight Delay provides travelers access to airport lounges if their flight gets delayed for at least 60 minutes. Availability of this product is very easy as passengers can get this insurance coverage at least two hours before their scheduled flights from just a few taps in the GCash app. This new product reduces Filipino travelers’ discomfort due to delayed flights, making their experience more convenient and stress-free.
“This agreement with Oona Insurance Philippines is very timely now that the summer season is on. We expect a lot of our GCash users to travel to many destinations and for them to have insurance coverage against a real pain point, in what is supposed to be an exciting and much anticipated trip, is definitely a game changer,” said Winsley Bangit, GCash’s VP, Head of New Businesses Group.
GCash is the #1 finance app and the only double unicorn in the Philippines with over 94 million Filipino trying the app. Its new partnership with Oona Insurance, places them at the forefront in creating customer-centric innovations, introducing game changing products like Smart Flight Delay, and making insurance protection easily accessible to millions of Filipinos who travel -- all while ensuring a seamless experience to its users.
“GCash is a beloved brand and an integral part of every Filipino's daily life and has made financial services simple, secure, and smooth. We are delighted to make our innovative travel insurance product available on GCash to bring worry free travel to more Filipinos as they explore the world. This is the first of many such innovative products we will be introducing soon,” said Abhishek Bhatia, Founder and Chief Executive Officer of the Oona Insurance group.
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.
