Grab moves into fintech by launching financial services and insurance products

Grab moves into fintech by launching financial services and insurance products

GrabReward - Grab's rewards and loyalty services.

Today, it extended that further still by introducing micro-loans and insurance options for Grab drivers and businesses that use its GrabPay services.

Grab, widely known as "Southeast Asia's Uber", operates services in 191 cities in eight countries, with mobile downloads totaling about 86 million.

The firm added the JV will offer credit scoring services to financial institutes who can use the information to provide other services such as virtual credit cards as well as seeking constant partnership with other banks and financial institutions in Southeast Asia and beyond. Hence, this news might be a start to something big Grab has planned.

The service will be rolled out this year to all the Southeast Asia markets Grab is in now, the executive said. "GFSA is building a reliable alternative to traditional credit scoring methods that is customised for the unbanked majority of consumers and small businesses in Southeast Asia, which will create economic opportunity for millions across the region", said Jason Thompson, Managing Director, GrabPay Southeast Asia.

Using the data, combined with Credit Saison's expertise in credit scoring, risk management and product formulation, the new entity can offer a range of lending products and services mentioned above, Grab said. Grab also announced that it has teamed with Chubb Ltd to provide insurance coverage to all of Grab's drivers. Already, he added, Grab has a loan book in excess of $700 million thanks to campaigns to provide vehicle financing, insurance and more.

Kenya: Caution Urged After Gas Tanker Exploded in Chyulu Hills
Motorists from Nairobi to Mombasa were asked to divert at Emali and take Loitoktok- Taveta Road then head to Voi. Traffic to and from Mombasa came to a halt and police advised motorists and other road users to avoid the scene.

Today, the Grab app has been downloaded onto over 86 million mobile devices, offering private auto, motorbike, taxi, and carpooling services, as well as on-demand food and delivery services across 191 cities in 8 countries in Southeast Asia.

It said the joint venture with Japan's Credit Saison will initially focus on providing loans to Grab drivers and merchants for purchasing smartphones or working capital. It has a network of 2.6 million drivers and offers ride-hailing, on-demand food and delivery services.

It previously also led an investment into Shopback, the leading cashback site in Southeast Asia.

The move comes as Tencent's WeChat Pay and Alibaba Group Holdings' affiliate Alipay expand into Southeast Asia - home to some of the world's fastest-growing economies with about 640 million people and an active mobile user base.

And they may be the bigger victor behind the scenes.

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