MoneyHero partners with InsureMO to expand Philippine digital insurance

The integration targets 5.5 million users in the market with 2% penetration.

MoneyHero Limited has formed a partnership with InsureMO to support digital insurance distribution in the Philippines through its local platform, Moneymax.

Insurance penetration in the Philippines stands at 2% of GDP, below the regional average of 4–5%. Motor insurance coverage remains limited, with only about one in three vehicles carrying comprehensive protection, according to the company’s press release.

Moneymax will integrate InsureMO’s API-based system to enable insurers to connect directly with its online distribution channels. The platform will support real-time product comparison and purchasing for Moneymax’s 5.5 million registered users.

Shravan Thakur, Chief Commercial Officer of MoneyHero Group, said the initiative will support the development of additional insurance product lines in the market.

The partnership extends MoneyHero’s existing arrangements with Philippine insurers including Malayan, StrongHold, FPG and SGI. MoneyHero Group has also expanded its Philippines operations with a new office in Bonifacio Global City to accommodate increased activity.