SINGLIFE Philippines, Inc. has partnered with Asia United Bank Corp. (AUB) to offer digital insurance products via the HelloMoney e-wallet as they look to expand their customer base.
Users will be able to explore, purchase, and manage life insurance products on AUB’s e-wallet ecosystem HelloMoney and Hello Pag-IBIG through the Singlife microsite. Products currently available on the Singlife Shop on the HelloMoney app are Cash for Income Loss (Accidents), which covers up to P1.8 million in case of disability or death due to accidents, and Cash for Medical Costs, which provides up to P1.3 million for hospitalization or upon diagnosis for 125 listed critical conditions.
“So, the partnership is basically allowing the HelloMoney users to access Singlife products within the HelloMoney app. This is a good match because Singlife offers their products digitally only, and similarly, that’s also the thrust of HelloMoney by making banking products and services available via our digital channel using the HelloMoney app,” AUB Executive Vice-President and Operations & Information Technology Group Head Wilfredo E. Rodriguez, Jr. said at an event on Wednesday.
Singlife and AUB plan to roll out more insurance solutions on HelloMoney, he said, adding that the microsite gives AUB a new revenue stream through platform fees and lets the bank reach underserved segments.
Mr. Rodriguez said they expect steady revenue growth and customer acquisition for HelloMoney for this year as they continue to expand the e-wallet’s offerings.
“If you talk of the past, we’ve been doing very well in the last four to five years. In fact, since 2022, we’ve had one record year after the other, and it seems that that will continue this 2025 as well.”
The e-wallet is on track to add 1.2 million to 1.5 million more customers this year from 5 million at end-2024, he said, as HelloMoney currently has 6 million customers.
For their part, Singlife Philippines Chief Executive Officer Lester Cruz said the partnership will help increase customer awareness about their products through HelloMoney.
“The customer growth from the side of Singlife Philippines has been really quite encouraging. We grew our premium-paying customer base by tens of thousands on a monthly basis… I hope it continues all the way to the end of the year. This is our best year of customer growth so far alongside all the other metrics,” he said. — Aaron Michael C. Sy
