Grab makes foray into fintech and financial services

Grab makes foray into fintech and financial services

In an interview with TechCrunch on the sidelines of the Money2020 event in Singapore, Jason Thompson, who is head of GrabPay, said the move is in line with Grab's focus on enabling business and income in Southeast Asia.

"I wake up every day thinking about how we are going to empower the next 100-million micro entrepreneurs by 2020", Tan told the Money 20/20 conference in Singapore.

Grab, which started as a taxi-hailing app firm and competes with Uber [UBER.UL], has been expanding into financial services over the last two years by acquiring companies and forming partnerships to spread usage of its mobile wallet.

This is the latest in Grab's attempts to expand beyond the ridesharing space and establish an ecosystem in Southeast Asia that covers a range of verticals, notably digital payments and mobile apps. This will include providing working capital loans, financing for smartphones and durable goods, and consumer goods financing. "That's the reason we're doing it", he said.

Grab, founded by Malaysian businessman Anthony Tan, said Tuesday it will use its "huge cache" of customer data from the app to provide ways to measure creditworthiness of people outside the formal banking system.

The loan capability is possible thanks to the joint venture between Grab Financial and Credit Saison, one of Japan's largest consumer financing companies.

More news: Case Keenum To Sign With Denver Broncos

Grab Financial Services Asia, puts in place a much-needed infrastructure that will accelerate financial inclusion in Southeast Asia.

"Many in our region have no access to loans that they can use to purchase a new home or grow their small business", Grab said in a statement. We are excited to have a partner such as Chubb with whom we share this vision.

Grab Financial Services Asia will also explore partnering with banks and financial institutions in Southeast Asia and globally to provide other financial products, enabling these traditional institutions to unlock new opportunities in segments that they have been unable to address due to the absence of reliable credit information. It is also backed by some of the most powerful investors in the region, like SoftBank, China's Didi Chuxing, and Indonesia's Lippo Group, and can bring their vast resources to bear in its push into financial services. "We've built the largest internet platform in Southeast Asia and this is another extension of that story".

Analysts expected a boom in digital financial services in Southeast Asia, especially Indonesia, where the majority of its 250 million population do not have bank accounts.

Paul McNamee, Regional President, Chubb Asia Pacific, said, "We are delighted to work with a digital pioneer like Grab to protect their 2.6 million driver-partners".

Related News:



Most liked

Here are the local nominees for the 2018 James Beard Awards
Gerard Craft of Niche won "Best Chef: Midwest" in 2015 , and Kevin Nashan of Sidney Street Cafe took the same award a year ago . Post-Dispatch restaurant critic Ian Froeb is a member of the James Beard Awards restaurant and chefs awards committee.

Microsoft to set up two data centres in the UAE
Etisalat is also consulting on migration and managed services to see to the smooth transition of business customers to the cloud. The new announcement expands Azure regions to 50 regions across the globe, which includes plans for 12 new regions.

YouTube To Use 'Information Cues' To Combat Fake News
Expect to see Wikipedia links in videos promoting conspiracy theories and issues that are very likely to spark heated debates. Essentially, these "information cues" will be small cards that appear directl below videos in the YouTube app.

Slovakia may face early parliamentary elections
The junior nationalist coalition party SNS said on Monday that it could accept either early elections or a cabinet reshuffle. A coalition partner had made Robert Kalinak's resignation a condition for continued support in government.

Blaze pizzas for $3.14 for National Pi Day on Wednesday
Coco's Bakery Restaurant: Members of Coco's email club can get a coupon for a $3.14 slice of pie, according to representatives. Locations not participating in Pi Day are Disney Springs, Houston Airport, UCLA, Staples Center, and George Mason University.

Former S.Korean president Lee appears for questioning over graft charges
The ex-president rose to political power after a successful career as chief executive of Hyundai Engineering & Construction Co. Before he entered the prosecutors' office, Lee announced to reporters that he is in a "position of awful discomfort today".

Federal appeals court's ruling upholds most of Texas' "sanctuary cities" law
Attorney General Ken Paxton , who had defended the law in court, said he was pleased with the ruling . Unsafe criminals shouldn't be allowed back into our communities to possibly commit more crimes".

CL: Manchester United make shocking exit after loss to Sevilla
Paul Scholes said United's players had a poor "attitude" and Rio Ferdinand said United are a "work in progress". Unsurprisingly, Mourinho's comments drew criticism that mostly focused on his tactical approach to the game.

NPHS Student's Response to After School Walk-out Plan at NPHS
Andrew Cuomo will be joining some of them at two schools in Brooklyn and Manhattan, CBS2's Janelle Burrell reported. The date marks one month since the mass shooting at Majory Stoneman Douglas High School in Parkland, Florida.

Evacuations ordered ahead of next Southern California storm
An evacuation center had been opened at the Goleta Valley Community Center at 5679 Hollister Ave.in Goleta. Snow levels will lower to between 4,000 and 5,000 feet with this colder storm.

Jordy Nelson Rumors: WR Interested in Joining Patriots, Raiders After Release
The New England Patriots have lost a number of key free agents so far this offseason, but help could be on the way. He and Aaron Rodgers also hold the franchise record for most touchdowns (65) between a receiver-quarterback duo.

Devil May Cry Coming To Monster Hunter
Although it can not turn into a shield like most Charge Blade weapons, players will still be able to guard using it. Capcom said to "stay tuned" for more information regarding the content and when it will be made available.

Philippines' Duterte to issue notice of withdrawal from ICC
He added: "However, President Duterte won't save himself from ICC investigation by withdrawing the Philippines as a State Party to the Rome Statute".

Ex-Boyfriend Arrested in Nicaragua
Police in NY say Tercero is a person of interest in the killing of Haley Anderson, also 22, of Westbury, on Long Island. Nicaragua's Canal 4 showed an image of a Nicaraguan passport with his name and photo.

'Millennials' railcard for 26-30s launches trial period
Here is all the information on the 26-30 railcards including how and where to buy them, who's eligible and how many are available. However, 90 minutes later it was still impossible to buy the coveted card online. "This 26-30 railcard could save me £1000s".