SINGAPORE and DAVAO CITY, Philippines, Oct. 27, 2022 /PRNewswire/ -- yufin, a merchant platform that enables under-served SMEs in emerging markets to access the digital economy, today announced a partnership with Singapore-based insurance provider Gigacover.
The announcement comes as yufin reveals it has exceeded 15,000 merchant sign-ups since launching in Davao City, in the Philippines end May 2022.
Under the partnership small businesses on the yufin platform in the Philippines can access Gigacover health insurance products tailored to their needs at the touch of a button. In future they will also be able to access business protection and offer customised insurance products such as family and health insurance to their customers.
"Small businesses are the lifeblood of Southeast Asian economies and communities but many are underserved," said Shubhrendu Khoche, Chief Strategy & Product Officer, yufin. "Our partnership with Gigacover helps us bring insurance to last-mile merchants to give them peace of mind and to help them offer their customers much-needed access to insurance protection."
"Gigacover has always focused on providing the underserved and underbanked access to better Financial Health and by providing these microinsurance products, we are able to help them take a step closer to building a more financially sound future by protecting their income from unprecedented events. With this partnership, we aim to further support yufin's efforts in financial education, planning, and protection to their respective small merchants," said Chesca Figueroa, Gigacover's Country Manager & Partnerships Lead in the Philippines.
It's estimated there are over a million small and micro-enterprises in the Philippines such as the iconic sari-sari convenience stores, often run by one or two people, many women. Less than 20% of these SMEs are estimated to have bank accounts while more than 80% have access to smartphones.
The easy-to-use yufin app enables SMEs to manage transactions and payments providing a gateway to a suite of products and services that help them grow their businesses. The yufin platform is supported by a dedicated team of on-the-ground yufin ambassadors trained to ensure users get the most out of the platform.
"We are delighted and humbled by the welcome yufin has received so far from our community merchant partners," said Gerald Chua, Head of Merchant Acquiring, yufin Philippines. "We help small businesses manage their transactions through a suite of tools, products and services that help them grow and prosper."
Businesses will be able to take payments, manage and order inventory and have better access to credit through the yufin platform and will have the option to access a range of third-party products and services that they can sell to customers.
"Many consumer goods like coffee and shampoo are sacheted to make them more accessible and affordable in markets such as the Philippines," said Liz Servañez, Head of Business Development and Partnerships at yufin. "With partnerships such as our partnership with Gigacover, much-needed financial services products, like insurance protection can also be sacheted to make them accessible and affordable for the yufin merchant network and their customers."
With the continued strong growth of the yufin merchant network and partners such as Gigacover yufin is well-placed to be the go-to growth toolkit for merchants in the Philippines.
yufin is Miti Ventures merchant services brand. Developed in Southeast Asia the yufin platform is an easy-to-use digital toolkit designed to help millions of small businesses in emerging markets get bigger, raising income levels and giving them access to the digital economy.
yufin saves merchants time, helps them get online, accept digital payments, manage transactions, inventory and debtors, sell more and access cheaper capital. Launched in the Philippines end-May 2022 with the backing of credible early-stage investors and an experienced management team, the yufin platform and model is highly scalable and portable to other emerging markets where small businesses need access to the digital economy to grow.