Chhaya, a leading insurtech company from Bangladesh, announced its first-ever partnership in the Middle East, marking a major milestone in its mission to drive financial inclusion.
Through a strategic collaboration with Monak e-Services, an Omani-based migrant fintech platform serving expatriates, Chhaya officially enters the Middle Eastern market.
This partnership targets expatriate Bangladeshis working in Oman and Saudi Arabia, aiming to provide accessible and affordable financial protection.
Migrant workers, who play a pivotal role in sending remittances back home to Bangladesh, often lack comprehensive insurance coverage.
This partnership seeks to bridge that gap by offering micro-insurance products tailored to the unique needs of expatriate Bangladeshis, ensuring their financial security while supporting their families back home.
The Middle East is home to a significant expatriate Bangladeshi community, and this collaboration underscores Chhaya’s commitment to expanding its impact beyond the borders of Bangladesh.
With millions of migrant workers sending remittances, the integration of financial services with remittances will create a powerful tool for fostering financial inclusion.
This collaboration opens up new opportunities for Chhaya to scale its operations while also establishing a transformative model for addressing the financial needs of migrant communities.
By combining Chhaya’s expertise in micro-insurance with Monak’s innovative fintech platform, both organizations are pioneering scalable solutions for financial security, positively impacting expatriates and their families in Bangladesh.
The MoU was officially signed by senior representatives from both Chhaya and Monak, marking the beginning of a transformative partnership. As the collaboration progresses,
Chhaya aims to continue expanding its reach, delivering financial security to even more underserved communities across borders.