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SEAsia’s financial health platform, Gigacover, expands into Phl

Gigacover’s Philippines operations will be managed by a team of 20, and will be headed by Sebastian San as Country Manager. Sebastian brings with him a track record of success and a clear understanding of the needs of the gig workforce, being personally involved in driving sustained growth for Gigacover Singapore.

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Gigacover, Southeast Asia’s financial health platform, announced its expansion into the Philippines. The market entry is aimed at empowering, protecting, and supporting the Filipino informal workforce with more tailored, comprehensive and inclusive benefits through enhanced finance and insurance options tailored for the informal workers. 

With an office located in Makati, Metro Manila, Gigacover’s Philippines operations will be managed by a team of 20, and will be headed by Sebastian San as Country Manager. Sebastian brings with him a track record of success and a clear understanding of the needs of the gig workforce, being personally involved in driving sustained growth for Gigacover Singapore. He will oversee all aspects of the business for Gigacover Philippines, and will also work towards doubling local headcount by the end of 2022 to support its in-country expansion efforts.

Despite the sizable gig workforce in the Philippines, support for these workers remains limited, similar to other economies in Southeast Asia. Gigacover starts its market entry on a strong food with logistics platform Gogo Xpress powered by QuadX as well as entrepreneurship and freelancing group Filipina Homebased Moms (FHMoms) as its first customers, collectively representing 20,500 workers and aiming to serve 100,000 informal workers in the Philippines by Q2 2022.

According to research conducted by Google, Temasek Holdings and Bain & Co., the Philippines is home to the third largest unbanked and underbanked population in Southeast Asia. The informal economy, particularly gig work provided by digital platforms, currently comprises over 1.5 million Filipinos. Beyond flexible working hours and income opportunities, measures around financial and welfare protection as well as other institutionalised mechanisms to support these workers remain limited.

Working in partnership with Etiqa and Aventus Medical, Gigacover will be able to offer more inclusive insurance and healthcare options tailored for the informal work. For instance, Gigacover’s Freelancer Earnings Protection (FLEP) provides informal workers with access to paid medical and sick leaves. It covers both major and minor accidents or illnesses, aiming to provide better coverage, stability and benefits that are often associated only with regular employment.   

Flexible and cost-effective group insurance and healthcare options will also be offered to employers, demonstrating how safety nets can be inclusive, flexible, comprehensive, and yet still remain affordable. In addition to its existing suite of products, Gigacover will also be launching financial services products in the Philippines in Q1 2022, aiming to increase access to capital and banking services to an often underserved yet essential segment of the workforce. 

“We are excited to play a leading role in providing inclusive benefits and improving the social security of the Philippines’ gig workforce. Beyond just a typical insurance provider, Gigacover is a financial platform that works with insurance companies and financial institutions to provide benefits tailored to the gig workforce in Southeast Asia. We are honoured at the trust that Gogo Xpress powered by QuadX and FHMoms has placed in Gigacover, and will continue to work towards enhancing social protection for Southeast Asia’s gig workforce,” said Amerson Lin, Co-Founder and CEO of Gigacover. 

“We are happy to partner with Gigacover and provide access to their members and policyholders medical services in our outpatient clinics. We will continue to work with Gigacover on relevant new and affordable services,” shared Racquel Cagurangan, SVP and COO of Aventus Medical Care, Inc.

Bea Mantecon, Head of Customer Success of QuadX, also added, “At Gogo Xpress, we pride ourselves in treating our rider partners as our third customer, apart from our sellers and buyers. It has been our mission to ensure that we don’t just equip our riders with the tools they need for their livelihood, but to motivate them to succeed as well by providing desired perks for their excellent performance. That is why we were so delighted to partner with Gigacover, the first company we’ve worked with that focuses primarily on perks relevant to gig workers.”

Based on the World Bank’s 2019 estimates, Southeast Asia’s informal workforce has seen a consistent 30 per cent annual growth – which was further accelerated in 2020 by the pandemic. As compared to other countries in the region, Gigacover is seeing different occupations, age groups and a diverse gender distribution in the Philippines’ gig workforce, which is made up of 30 per cent females and majority aged 65 and above. Latest data from the Philippines’ Insurance Commission indicated that the insurance industry contributed just 1.58 per cent to national GDP as of June 2021, suggesting that the overall insurance penetration rate among the population remains low. This places gig workers at financial risk – reaffirming Gigacover’s timely market entry to support this underserved segment with right-sized service offerings.

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Manulife Wealth and Asset Management appoints Fabio Fontainha as Head of Asia

Fabio will be a member of the Manulife WAM leadership team and Manulife’s Global Leadership Team (GLT). He will be based in Hong Kong and report to Paul Lorentz and will also have accountability into Phil Witherington, President and CEO, Manulife Asia.

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Manulife Wealth and Asset Management (Manulife WAM), the global wealth and asset management business of Manulife that brings investment solutions to institutional, retirement, and retail customers across the globe, has announced Fabio Fontainha as its new Head of Wealth & Asset Management, Asia, effective February 2025. Fabio succeeds Michael Dommermuth, who is leaving the firm at the end of the year.

“We are excited for Fabio to build on the momentum that has been growing for Manulife Wealth and Asset Management in Asia as we look to provide wealth and investment solutions to even more investors. We believe his expertise in key areas of focus for our business will make his transition into the role feel tangible almost immediately,” said Paul Lorentz, President and CEO, Manulife Wealth and Asset Management. “We are also appreciative of Michael’s commitment to our firm and the impact he has had on our expansion in multiple markets over more than two decades, ranging from multiple emerging Asia markets including India, as well as the conversion of our joint venture in China into a wholly-owned entity in Manulife Fund Management. We are grateful for his leadership that has provided broader capabilities to our clients across Asia.”

Fabio will be a member of the Manulife WAM leadership team and Manulife’s Global Leadership Team (GLT). He will be based in Hong Kong and report to Paul Lorentz and will also have accountability into Phil Witherington, President and CEO, Manulife Asia.

Fabio will collaborate closely with all country and regional heads, chief investment officers, and global product teams to deliver investment capabilities for the region. He will also drive Manulife WAM’s strategic growth plans locally and provide local oversight to the retail, retirement and institutional businesses, partner closely with local functional heads, and serve as a touch point for teams working on strategic initiatives throughout Asia.

Fabio was previously at Citigroup where he had an extensive career spanning more than three decades including experience with consumer and private wealth, as well as retail markets. He has also lived and worked in Tokyo, Singapore, and Kuala Lumpur during this time. He most recently served as Global Business Execution Head – Citi Private Bank. Throughout his career he has managed global, regional, and local businesses in Asia, Latin America, Europe, the United States, and the Middle East with various mandates including Head of Retail Banking for Citi across APAC (Asia Pacific) and EMEA (Europe Middle East Africa).

“I’m delighted to be joining Manulife WAM at a significant inflection point in their business. I have been privileged to see the expansion and growth in Asia throughout my career and admire the progress and the commitment Manulife WAM has made to serve its clients in the region,” said Fabio. “I am looking forward to bringing my knowledge and expertise to this role and help to meet the goals of our institutional, retail and retirement clients.”

Manulife WAM believes its business will see additional organic growth opportunities as a result of prevalent global megatrends including the retirement savings gap, increased longevity and the need for individuals to prepare for potentially spending additional years – or even decades – in retirement compared to previous generations, and the anticipated demand from both the middle class and high net-worth populations who are seeking additional solutions to save and invest and new strategies to diversify their portfolios.

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PhilCare members can now access Healthway’s full-service offerings

This development comes on the heels of a recent partnership that allows PhilCare members to receive leading-edge, holistic, and affordable cancer treatment via the Healthway Cancer Care Hospital (HCCH).

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PhilCare, one of the country’s top HMO providers, has entered into a partnership with Healthway Multi-Specialty Centers (HMC), the clinic arm of Healthway Medical Network (HMN), to provide its members access to their full suite of services, from diagnostics to primary care.

This development comes on the heels of a recent partnership that allows PhilCare members to receive leading-edge, holistic, and affordable cancer treatment via the Healthway Cancer Care Hospital (HCCH).

“We are excited to be joining forces with PhilCare as they are aligned with our entire care continuum model that starts from screening, diagnosis, and treatment, all the way to post-recovery. We’re happy that their members can now access our multi-specialty clinics and hospitals located all over the Philippines,” said Mr. Jaime Ysmael, Healthway Medical Network President and CEO.

“Our Healthway Multi-Specialty Centers are very eager to develop special programs and packages for PhilCare members, as well as to deliver high-quality care to them in the most efficient way possible. I am certain that the partnership will expand to other exciting mutually beneficial initiatives,” Mr. Ysmael continued.

According to PhilCare Executive Vice President for Operations Raymond Tiangco, the partnership is a testament to the alignment of the goals, mission, and vision of PhilCare and Healthway Medical Network, through its Multi-Speciatly Centers, to provide quality care to the Filipinos – and this sets his company apart from the rest of the market.

“Unlike other HMOs that are putting up their own clinics, PhilCare has a different plan,” he added. “We intend to partner with experts. And there is no more premium brand than Healthway when it comes to delivering healthcare services.”

Healthway Multi-Specialty Centers COO Edwin Magsino said that HMC is happy to become the go-to provider of PhilCare members for essential healthcare needs. He is confident that the partnership will satisfy the needs of many people—from their entry to the clinic all the way to their availment of HMC services.

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Watson boosts global expansion, unveils 16,800th store worldwide

This store was opened in Rotterdam, marking a remarkable milestone in AS Watson’s ongoing expansion and its commitment to delivering a seamless and exceptional O+O (Offline plus Online) customer experience.

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As Watson, the parent company of Watsons Philippines, announced the grand opening of its 16,800th store worldwide, further consolidating its position as the world’s largest international health and beauty retailer, with a portfolio of 12 brands operating across 29 markets. This store was opened in Rotterdam, marking a remarkable milestone in AS Watson’s ongoing expansion and its commitment to delivering a seamless and exceptional O+O (Offline plus Online) customer experience.

Dr. Malina Ngai, Group CEO of AS Watson, expressed her excitement at the store opening ceremony, “The opening of our 16,800th store represents more than our growth as a company – it symbolises our commitment to serving the communities worldwide. With every store we open, we create jobs, foster customer relationships, and build lasting trust.”

“16,800 is a number with special meaning in Chinese culture. The number 6 symbolises ‘everything goes smoothly’ while 8 represents ‘good fortune’. We embrace the special meaning of this milestone and look forward to a future of lasting success and prosperity, not only for our business growth but also in extending these best wishes for a brighter future for the world during this festive Christmas season,” Malina added.

Commitment to Continuous Growth

Ed van de Weerd, CEO of AS Watson Benelux, remarked, “We’re honoured that AS Watson’s 16,800th store worldwide opens in vibrant Rotterdam, demonstrating AS Watson’s steadfast commitment to growth in the Benelux region and globally. As the No. 1 health and beauty retailer in the Netherlands, Kruidvat serves its customers with nearly 1,000 O+O stores and over 24,000 passionate colleagues and has become an integral part of many Dutch people’s lives.”

The brand-new store will serve over 11,000 customers every week. As one of the largest Kruidvat stores, it spans over 770 square meters and is designed to enhance O+O shopping experience with clear in-store navigation. The store offers an extensive assortment of over 36,000 products, making it the largest selection among all Kruidvat stores.

Watsons Philippines operates in over 1,100 stores nationwide, reflecting its commitment to bringing health, wellness, and beauty closer to every Filipino. Enhancing this experience is the Watsons app, which provides customers access to exclusive deals, personalized recommendations, and convenient services such as Click & Collect and home delivery.

Looking ahead, AS Watson remains committed to innovation and excellence in customer experience, and will continue its growth journey with the purpose of putting a smile on the customers’ faces today and tomorrow. 

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