In a span of 6 short months, GoBear has built a strong foundation in the Philippines with 200,000 active monthly users and a 70% increase of new users month over month, who compare personal loans, credit cards, and travel insurance online. This financial technology startup from Singapore has not only touched base with the need of Filipinos to find relevant information online, but it has diligently advocated to work with all major banks in the Philippines to bring their businesses from offline to online.
Led by Country Director Rommel Torres, GoBear Philippines aims to be a different tune when it comes to startups. “We run our business to change the financial landscape in personal banking and insurance. GoBear is different because it does not run on commission, making it impossible to influence the results on the website. In using www.gobear.com.ph, company A and company B may offer insurance at the same price, but if you look further into the details, one offers much less benefits than the other. You get the best value for money this way when you compare before you commit,” he says.
For users, GoBear Philippines has removed all the pains of comparing online: no sign-up required before getting quotes or information and no broker or agent who will push for products with higher commissions. The brand is all about promoting financial literacy and transparency in a country where most consumers are discouraged to get a loan or credit card because of the long unnerving approval process. The comparison service of GoBear bears all the necessary details, making one’s financial shopping experience more productive.
Some 10% of banks are still traditional in the applications process where people line up for a form and come back for the requirements. A minority of banks may have the forms online, but they are only available for downloading. With GoBear, users can apply directly after comparing with no additional fees or charges. To remain unbiased, GoBear will redirect users to the bank for applications processing and all requirements can be sent via email.
“With GoBear, we hope to be able to make financial products more accessible and easy to understand. Insurance, credit cards, and loans are truly helpful if you know how to make it work for you. It’s our mission at GoBear to help users understand that and be more in control and feel safe of their financial decisions,” says Torres.
GoBear Philippines currently features travel insurance, credit cards, and personal loans, and will be expanding into the car insurance, car loans, home loans, and health insurance categories. To date, GoBear has more than 3.6 million active users across Southeast Asia. The local GoBear team is honored to represent a brand working to give the power of choice to Filipinos, especially when it comes to financial decisions, no matter how major or ordinary they seem.