Manila: MoneyHero Limited, a tech- and AI-powered personal finance platform and digital insurance brokerage operating in Greater Southeast Asia, has announced a strategic partnership with InsureMO to enhance digital insurance offerings in the Philippines through its local brand, Moneymax.

According to BERNAMA News Agency, the collaboration aims to bolster MoneyHero’s high-margin insurance vertical, as stated by MoneyHero Chief Commercial Officer, Shravan Thakur. This initiative aligns with the company’s efforts to expand operations at its new office in Bonifacio Global City.

InsureMO Chief Revenue Officer, Rajat Sharma, highlighted that this partnership is set to accelerate digital distribution in the Philippines-a priority market-by improving insurance accessibility across the nation. The Philippines currently has one of the lowest insurance penetration rates in Asia, with coverage accounting for only two percent of the GDP, which is about half the regional average. Notably, motor insurance in the country remains underutilized, with just one in three vehicles having comprehensive coverage.

Moneymax will implement InsureMO’s API-led infrastructure, which will expedite digital onboarding for insurers and establish direct connectivity to MoneyHero’s distribution channels. This integration aims to streamline insurance comparison and purchasing processes for millions of Filipino households looking for online insurance solutions.

Consumers stand to gain from real-time quote comparisons, enhanced convenience, and a wider array of insurance products that can be launched in weeks rather than months. MoneyHero, which operates the largest personal finance marketplace in the Philippines, plans to leverage its scale and growing network of insurers-including Malayan, StrongHold, FPG, and SGI-to increase product availability and enhance customer acquisition for its partners.