MANILA -- Aboitiz Equity Ventures said Friday it partnered with Singapore's Singlife to bring digital-based life insurance in the Philippines.
The joint venture will be called Singlife Philippines, which will be 15-percent owned by the Aboitiz holding company, the Filipino firm told the stock exchange.
Singlife will hold a majority share of 65 percent while Di-Firm will take the remaining 20 percent, AEV said.
"With Singlife’s unique fintech expertise in digitalizing life insurance offers and with AEV’s strategic position across industries in the local market, Singlife Philippines is poised to claim its share in the local life insurance market," according to the disclosure.
Singlife, according to its website, positions itself as an all-digital insurer, allowing users to apply for coverage and manage their accounts online, eliminating the need for paperwork.