MoneyHero Limited, a leading tech and AI-powered personal finance aggregation platform, announced a strategic partnership with InsureMO to expand digital insurance offerings in the Philippines.
The collaboration, executed through MoneyHero’s local brand Moneymax, aims to address the country’s low insurance penetration rate, which sits at around 2 percent of GDP compared to the regional average of 4 percent to 5 percent.
Moneymax will deploy InsureMO’s API-driven platform to help insurers accelerate time to market and directly connect them with MoneyHero’s distribution channels.
This is designed to make it faster and simpler for millions of Filipino households to compare and purchase insurance products online, starting with general insurance and then expanding into other product lines.
The Philippines’ motor insurance sector is notably underserved, with only about 1 in 3 vehicles having comprehensive coverage, leading most drivers to rely only on mandatory third-party coverage.
The integration is expected to create a seamless digital journey for customers, allowing for the comparison of real-time quotes, and will give consumers a wider selection and real-time competitive pricing as integrated insurers roll out new products faster via Moneymax.
MoneyHero Group chief commercial officer Shravan Thakur cited the strategic importance of the collaboration:
“This partnership is an important step in scaling our high-margin insurance vertical in the Philippines, replicating proven approaches from other Asian markets. We aim to offer more choices and greater convenience to Filipinos across the country,” said Thakur.
InsureMO chief revenue officer Rajat Sharma emphasized the market’s potential for digital growth. “The Philippines is a priority market where digital distribution can directly improve insurance access. We are excited to help Moneymax rapidly launch and innovate across multiple insurance products and providers,” Sharma said.
Moneymax is leveraging expanding relationships with key insurers in the Philippines including Malayan, StrongHold, FPG and SGI, to streamline fulfillment and enhance operational control.
MoneyHero had over 270 commercial partner relationships and about 5.3 million monthly unique users across its platform for the three months ended June 30, 2025.
