Singtel is adding financial services to its mobile wallet Dash, in the form of offer an insurance savings solution underwritten by Etiqa.
The Dash EasyEarn savings insurance is designed for investors who want to start saving regularly for their future but who may be concerned about cash flow, Singtel said in a statement on Monday announcing its launch.
The insurance plan has a minimum initial premium of S$2,000, up to a maximum of S$20,000. Policyholders are automatically covered with a 105 percent death benefit of the account value.
Other benefits include up to 2-percent per annum returns for the first policy year, no lock-in period and unlimited withdrawals with zero penalties. Customers can purchase, top-up and make withdrawals on their EasyEarn plan via the Singtel Dash app on their mobile phone.
The offering represents the next steps for Dash as it grows to become a more inclusive everyday app that will play a bigger part in enabling our customers’ digital lifestyles, Gilbert Chuah, head of mobile financial services, International Group, Singtel, said.
Dash is among the largest non-bank mobile wallets in Singapore. Since its launch in 2014, the app has expanded beyond payments and mobile remittance to include lifestyle services like restaurant bookings and travel insurance. The app now has over 1 million registered users.