AUB, Singlife partnership to boost insurance penetration

MANILA, Philippines — Asia United Bank (AUB) is targeting to grow its HelloMoney user base by 1.2 to 1.5 million customers this year as it expands its digital ecosystem through a new partnership with Singlife Philippines, integrating microinsurance products directly into its e-wallet app.

The collaboration allows HelloMoney users to access Singlife’s insurance offerings seamlessly within the app, marking the first time AUB has embedded a third-party service inside its digital platform.

The move is part of the bank’s broader push to provide a wider range of financial services to its growing base of working-class and payroll clients.

“HelloMoney’s customer base is now about six million, and the market we serve are really the working-class Filipinos who will need the protection the most,” AUB  head of operations and technology group Wilfredo Rodriguez said.

Rodriguez said that HelloMoney has around six million users since its launch in 2019. AUB expects to add another 1.2 to 1.5 million customers in 2025, bringing its total closer to 6.5 million.

The growth comes as the listed bank rolls out new digital services, including a recently signed partnership with the Social Security System, which serves around 40 million members nationwide.

Through the new Singlife Insurance Microsite, HelloMoney and Hello Pag-IBIG users can now explore, purchase and manage protection products entirely online — without paperwork or in-person transactions.

“For all of the HelloMoney users, they will have easy access to the insurance products that Singlife has to offer,” Rodriguez said, noting that both companies share the same digital-first DNA.

The partnership introduces Singlife’s flagship products such as Cash for Income Loss (Accidents), which provides up to P1.8 million in coverage in case of disability or death, and Cash for Medical Costs, offering up to P1.3 million for hospitalization or critical illness.

“We’re incredibly excited about this partnership with AUB, one of the country’s top banks, as it brings us closer to our mission of making insurance truly accessible to every Filipino,” Singlife Philippines CEO Lester Cruz said.

“By embedding our digital-first protection solutions into the HelloMoney app, we’re not just offering convenience but also empowering more people to take charge of their financial future with confidence, control, and ease. This is a big step towards transforming how Filipinos experience insurance,” Cruz said.

Insurance penetration in the Philippines remains below two percent, among the lowest in Asia. Singlife said partnerships like this are key to reaching underserved markets.

Meanwhile, AUB said HelloMoney continues to post strong performance in both revenue growth and customer acquisition, with the app serving as a key driver of the bank’s record results since 2022.

The integration with Singlife expands HelloMoney’s functionality beyond payments, bills and transfers, giving users new options for affordable financial protection.

AUB officials said HelloMoney would continue to expand its services and partnerships to empower more Filipinos to save, pay and protect themselves financially, all within one platform.