Gigacover, a Singapore-based fintech firm that offers gig employees with entry to employment benefits, introduced Dec. 3 that it’s increasing to the Philippines, which has a 1.5 million-strong casual workforce.
It offers freelancers incentives related to common employment.
“Benefits and insurance are the two main areas where Gigacover is looking to create and add value to Filipinos who are without them,” mentioned Amerson Lin, Gigacover co-founder and chief government officer, in an e-mail to EnterpriseWorld. “The team is also exploring financial products that would allow these workers to gain access to capital — to get the tools they need for their work, or to access their earnings faster.”
The Philippines has one of many youngest and largest informal workforces in Southeast Asia (SEA), in accordance to Mr. Lin.
The gig financial system refers to momentary technology-based work with unbiased contractors or freelancers. This kind of project-based work contains laptop programming, social media administration, graphic design, digital help, and trip sharing.
Based on the World Bank’s 2019 estimates, SEA’s casual workforce has seen a constant 30% annual progress — which was additional accelerated in 2020 by the pandemic.
SAFETY NET
Mr. Lin, who used to be an information-technology freelancer, based Gigacover after realizing that he couldn’t even get a bank card utility authorized due to the character of his work.
Gigacover operates by partnering with gig marketplaces and different firms that intend to sponsor benefits and insurance coverage for his or her gig workforce. In conserving with the character of gig work, it co-creates benefits and insurance coverage packages that enable for flexibility — like breaking down annual insurance policy into month-to-month issuances.
Gig employees who need to upsize or prolong their company-sponsored protection may achieve this via the platform.
Its first purchasers within the Philippines are the Filipina Homebased Moms, an entrepreneurship and freelancing group for Filipina moms; and Gogo Xpress, a cargo and freight firm.
“[Individual] workers will only be able to sign up [for our products] if their marketplaces or companies partner with Gigacover,” Mr. Lin mentioned. “The team is working hard to open up direct channels for workers to self-purchase soon.”
Among Gigacover’s companions are Etiqa, a Malaysian insurance coverage agency, and Aventus, a medical providers supplier.
The fintech firm, whose Philippine nation supervisor was a earlier Uber and Grab driver in Singapore himself, goals to cowl 100,000 gig employees within the nation by the second quarter of 2022. — Patricia B. Mirasol