In partnership with Philippine fintech startup GoodTech, Senangdali, a subsidiary of Malaysian Insure-Tech Senang.io, offers loan protection insurance for rural banks underwritten by local insurance carriers.
This strategic programme intends to revolutionise financial security for nearly 57 million Filipinos, or 52% of the population, Senangdali stated.
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Over 350 rural banks in the Philippines provide critical financial services to their communities, according to the statement. Senangdali created a customised insurance product that connects with banks’ existing offerings to meet their individual needs.
The statement claimed this approach strengthens the banks’ service offering and clients’ financial stability. This GoodTech collaboration enabled by MalaysiaDigital Economy Corporation (MDEC) DEX Connex Philippines 2024 is the first of an ambitious rollout plan.
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The Digital Exports Division (DEX) of MDEC created DEX Connex to help Malaysian digital companies expand into regional and worldwide markets. The agreement will add motor vehicle and personal accident insurance to rural banks’ services after loan protection insurance.
Senang.io anticipates that this novel strategy would greatly improve the availability and cost-effectiveness of financial services in rural regions, promoting increased economic stability and development in these localities.
About Senang.io
Senang, a renowned Malaysian insurtech platform, offers flexible and cheap insurance to a wide spectrum of customers.
About GoodTech
Sustainable financial technology business GoodTech connects farmers, homebuyers, merchants, and gig workers with rural banks.
