FINTQNOLOGIES Corp. (FINTQ), the financial technology (fintech) arm of Voyager Innovations, Inc., is set to launch a microinsurance platform to tap the uninsured.
FINTQ managing director Angelito M. Villanueva told BusinessWorld in an interview that the firm will launch KasamaKA Microinsurance “in the last week of February.”
The second Inclusive Digital Finance Report released last month said KasamaKA Microinsurance will link FINTQ’s partner insurers to the uninsured and unbanked sectors using mobile phones.
“Insurance companies and brokers are given the digital platform through FINTQ’s KasamaKA Microinsurance. They are linked to a nationwide network of third-party providers that can facilitate insurance services on their behalf,” the report read.
It added that customers can access insurance products for as low as P10 through the said platform.
KasamaKA Microinsurance will target majority of household heads “who are self-employed, work for private households, and other informal occupations” that are uninsured.
Aside from microinsurance, Mr. Villanueva said in a mobile phone message that they will also launch microsavings and microinvestment “this year.”
Introduced in September, KasamaKA is a grassroots-based platform which aims to offer access to formal financial services.
The program is geared to veer Filipinos away from predatory and informal financial services such as “5-6” and include 30 million Filipinos into the mainstream financial system by 2020 in line with the government’s National Strategy for Financial Inclusion.
Currently, Mr. Villanueva said FINTQ only offers lending through Lendr and KasamaKA Lendr.
“We are the first fintech company in the Philippines or in the world that [will have] a complete suite of digital financial innovations. We have lending, savings, investment and insurance under one roof.”
For Lendr, meanwhile, Mr. Villanueva said they will add more features to the platform such as credit scoring to “fast-track the approval process” of loans.
Lendr will also soon have a digital collection system, prompting a third-party collector agency.
Voyager Innovations is PLDT, Inc.’s digital innovations unit. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — K.A.N. Vidal