Gigacover, a Singapore-headquartered Fintech firm that offers gig workers with access to employment/worker benefits, has announced that it’s expanding its operations into the Philippines, which has a 1.5 million+ informal workforce.
Gigacover provides freelancer workers with special incentives associated with maintaining regular employment.
In statements shared with BusinessWorld, Amerson Lin, Co-founder and CEO at Gigacover, said:
“Benefits and insurance are the two main areas where Gigacover is looking to create and add value to Filipinos who are without them. 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 reportedly has one of the youngest and largest “casual” workforces in the Southeast Asia region, Lin revealed.
The gig economy is a term that’s used to refer to temp technology-focused work with independent contractors or freelancer professionals. This type of project work includes computer programming, social media management, graphic design, virtual assistance, ride sharing, and many other types of tasks.
The World Bank’s 2019 estimates reveals that Southeast Asia’s informal workforce has experienced a 30% annual growth — which has been accelerated due to the COVID-19 outbreak.
Lin, who used to previously work as an IT freelancer, established Gigacover after finding out that he was unable to acquire a credit card since his application was declined (due to the nature of his job status).
As mentioned in the announcement, Gigacover operates by working cooperatively with various gig marketplaces and other firms that aim to sponsor benefits and insurance for their gig workers.
Gigacover co-creates benefits and insurance programs that allow for greater flexibility — such as being able to break down yearly insurance plans into manageable monthly issuances.
Gig workers who would like to extend their company-sponsored coverage can do so via the platform, the update revealed.
Its first customers from the Philippines are the Filipina Homebased Moms, which is an entrepreneurship and freelancing group for mothers; and Gogo Xpress, a cargo and freight service provider.
Notably, Gigacover’s partners include Etiqa, a Malaysia-based insurance company and Aventus, a medical services platform.
Gigacover confirmed that aims to cover around 100,000 gig economy workers in the Philippines by next year.