by Jade Saavedra, Correspondent
Digital banking powerhouse Maya has joined forces with digital insurer Singlife Philippines in a move that is touted to redefine financial inclusion and accessibility for millions of Filipinos.
Photo shows Lester Cruz (left), Chief Executive Officer of Singlife Philippines, and Khurram Malik, Chief Operating Officer of Maya Philippines, while sealing the partnership with a handshake
This strategic partnership, launched earlier this year, integrates Singlife’s comprehensive insurance and investment solutions directly into the Maya app, delivering unprecedented ease and convenience to users across the archipelago. This collaboration arrives at a critical juncture, as the gig economy booms and MSMEs, the backbone of the Philippine economy, seek robust financial security.
With 1.5 million freelancers now navigating the entrepreneurial landscape, and MSMEs comprising 99.59% of businesses and employing 65.1% of the workforce, the need for accessible and tailored financial solutions has never been more pressing.
Lester Cruz, the CEO of Singlife Philippines, emphasized the synergy between the two digital giants, stating, “Singlife Philippines and Maya are aligned in our all-digital approach to solving pain points for today’s generation of Filipino money makers.”
“We are grateful for this partnership, which empowers consumers with control and access to affordable and convenient insurance and investment solutions, advancing our mission to bring a better way to financial independence to more Filipinos,” Cruz further stated.
Photo shows (from left:) Singlife Philippines Growth Lead Nick Marohombsar, Singlife Philippines Head of Branding & Communications Salie Acupan, Singlife Philippines CEO Lester Cruz, Maya Philippines COO Khurram Malik, Maya Philippines Head of Consumer Business Mariam Randhawa, and Maya Philippines Chief Product Officer Mitch Padua.
Earlier this year, Maya announced that it has aggressively expanded its lending operations, disbursing a staggering P67.6 billion in loans throughout 2024. This nearly doubled its borrower base to 1.6 million, signaling the bank’s pivotal role in providing credit access to a wider segment of the population, including those traditionally underserved by conventional lenders.
Singlife’s “Cash for Goals” plan
At the heart of this partnership lies Singlife’s Cash for Goals plan, an investment solution designed to democratize wealth building. With a minimal entry point of P2,500 and zero entry fees, Maya users gain access to professionally managed, diversified funds with strong growth potential.
This initiative dismantles traditional investment barriers, fostering a culture of financial empowerment and inclusion.
Beyond investment, Maya users can now seamlessly explore and secure a suite of Singlife’s protection plans, all within the familiar Maya app interface.
These offerings, designed with affordability and accessibility in mind, address critical financial needs:
- Cash for medical costs: Mitigating the financial strain of medical emergencies.
- Cash for income loss (accidents): Ensuring income stability amidst unforeseen circumstances.
- 3-in-1 protection plan: A comprehensive solution encompassing health, income security, and long-term financial planning.
Empowering freelancers and MSME owners
This integration empowers freelancers and MSME owners, who often lack traditional employer-provided benefits, to safeguard their livelihoods and families against financial setbacks. For MSMEs, this means protecting their businesses and employees from unforeseen risks, fostering resilience and stability.
Maya has streamlined the process, making it effortless for users to access Singlife’s offerings. By simply navigating to the “Grow My Money” section within the app, users can explore insurance options, obtain free quotes, customize plans, and complete purchases in minutes. This seamless experience reinforces Maya’s role as an all-in-one financial solution.
Since its launch, the partnership has marked a pivotal shift in how Filipinos access and manage their financial security. By merging Singlife’s digital insurance expertise with Maya’s robust financial ecosystem, this collaboration empowers individuals across various demographics to take control of their financial well-being.
Whether it’s a freelancer securing their income, an MSME owner protecting their business, or a middle-income earner striving for long-term stability, this partnership transforms financial aspirations into tangible achievements and security into a concrete reality.
This bold move continues to redefine financial inclusion, placing the power of financial security directly into the hands of the Filipino people, all within a single, user-friendly app.