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Payments mobile app Mynt to roll out insurance products

Philippine mobile payments operator Mynt is about to expand its business portfolio to include insurance products, Bloomberg reports

Backed by Jack Ma’s Ant Financial,  local mobile and broadband carrier Globe Telecom, and Philippine conglomerate Ayala Corp., Mynt is poised to become an inclusive financial services platform with this move.

Mynt already offers payment, remittance, loans, business solutions, and platforms services.  This is the first time that they will tap into the insurance market.

“We want to become a conduit for insurance policies with the help of strategic partners, ” says Mynt CEO Anthony Thomas in interview with Bloomberg.  “Through this, we can further expand our banking, credit-scoring, and money market funds services.”

By breaking into the insurance industry, Mynt endeavors to stay ahead of the curve especially since there is only a small pool of competitors that offer similar services in the Philippines.  Its closest competitors in the Philippine mobile payments market are ride hailing platform Grab and Voyager-backed Tencent Holdings Ltd.

It should be noted that it was Mynt in partnership with Ma’s Ant Financial, Globe Telecom, and Standard Chartered Bank that launched the world’s first blockchain-based cross-border digital wallet money transfer service in 2018.

Mynt is also one of nine digital wallets not based in China that Ma’s Ant Financial backs.  It shares the same distinction with mobile payments operators in countries including South Korea, Singapore, India, and Malaysia.

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