Senangdali, a subsidiary of Malaysian Insure-Tech Senang.io, has partnered with Philippine fintech firm GoodTech, to offer loan protection insurance product specifically designed for rural banks in the Philippines, underwritten by local insurance providers.

Senangdali said in a statement on Monday that this strategic initiative aims to revolutionize financial security for over 57 million Filipinos, accounting for 52 percent of the national population.

According to the statement, the Philippines hosts more than 350 rural banks that serve as vital financial backbones for their local communities.

Recognizing the unique needs of these institutions, Senangdali has developed a customized insurance product that integrates seamlessly with the banks’ existing offerings.

This initiative not only enhances the banks’ service portfolio but also fortifies the financial stability of their clients, said the statement.

It is noted that this collaboration with GoodTech enabled via MalaysiaDigital Economy Corporation (MDEC) DEX Connex Philippines 2024 marks the first phase of an ambitious rollout plan.

DEX Connex is a platform initiated by the Digital Exports Division (DEX) of MDEC to expand the revenue footprint of Malaysian tech companies into regional and global markets.

Following the loan protection insurance, the partnership is set to introduce a motor aggregator platform and personal accident insurance, further diversifying the range of services available to rural banks.

“What sets our product apart is the customization and integration process tailored for each rural bank, ensuring that their specific needs and the needs of their customers are met with precision,

“Through this partnership, we are poised to reach at least one million customers within the next 12 months, launching various insurance products starting with embedded loan insurance focusing on the Rural Banks Partnership,” said Sharian, Chief Executive Officer of Senang.io.

According to GoodTech cofounder Jove Tapiador, protection for the everyday Filipino and their loved ones is paramount.

“Microinsurance is the fastest growing segment of the market, and our alliance with Senangdali enables our commitment to protect families through our rural bank
partners,” he added.

Senang.io expects this innovative approach to significantly enhance the accessibility and affordability of financial services in rural areas, fostering greater economic stability and growth within these communities.

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