MoneyHero Limited has formed a strategic partnership with InsureMO to enhance digital insurance distribution in the Philippines through its local platform, Moneymax.

The collaboration will see Moneymax integrate InsureMO’s API-based middleware system.

This technology allows insurers to connect directly with Moneymax’s online distribution channels, facilitating real-time product comparison and seamless purchasing for the platform’s 5.5 million registered users.

The initiative aims to address the low insurance penetration rate in the Philippines, which currently stands at 2% of GDP, lagging behind the regional average of 4–5%.

The company also noted a gap in motor insurance, reporting that only one in three vehicles in the country carries comprehensive protection.

Shravan Thakur, Chief Commercial Officer of MoneyHero Group, stated that the partnership will support the development and distribution of additional insurance product lines in the market.

“This collaboration allows us to provide a more efficient and accessible insurance experience for our users,” the company indicated regarding the integration.

The deal extends MoneyHero’s existing commercial arrangements with several Philippine insurers, including Malayan Insurance, Stronghold Insurance, FPG Insurance, and SGI Philippines.

To support its growing operations and increased activity in the region, MoneyHero Group has also recently expanded its physical presence with a new office in Bonifacio Global City.

Featured image by user850788 via Freepik.