Grab moves into fintech by launching financial services and insurance products

Grab Furthers FinTech Ambition With Grab Financial - Offers Loans And Insurance

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.

José Mourinho attacks 'worst manager' De Boer for Rashford comments
"It's a pity that the manager is Mourinho because (Rashford) is an English player and you want him to be given time", De Boer said, according to BT Sport .

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.


  • KriArj Entertainment to remake the 1964 cult film, 'Woh Kaun Thi?'

    KriArj Entertainment to remake the 1964 cult film, 'Woh Kaun Thi?'

    Shahid Kapoor was last seen as Maharawal Ratan Singh in Padmaavat which was the most controversial movie in the longest time. Shahid, who is on a three-film contract with KriArj, has wrapped up the first film Batti Gul Meter Chalu .
    No Untoward Incident in Mizoram-Assam Border

    No Untoward Incident in Mizoram-Assam Border

    On March 8, nonconformists from Mizoram endeavored to "barge in" into Hailakandi region of Assam and the Assam Police ceased them. Assam Chief Minister Sarbananda Sonowal held telephonic discussions with his Mizoram counterpart Lal Thanhawla on Saturday.
    Pakistan, Saudi Arabia will continue to strive for betterment of Ummah: COAS

    Pakistan, Saudi Arabia will continue to strive for betterment of Ummah: COAS

    While talking about the Kashmir issue, Imam-e-Kaaba said he considered Kashmir as a part of Pakistan and accepted this reality. He added that the strength of Pakistan is the strength of Saudi Arab and the power of Saudi Arab is the power of Pakistan.
  • Kenya: Caution Urged After Gas Tanker Exploded in Chyulu Hills

    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.
    Deal struck in university pensions row

    Deal struck in university pensions row

    The agreement would mean a new, independent re-evaluation of the pension deficit and temporary arrangements to tackle the funding gap.
    Explosion reported near Palestinian PM's convoy during Gaza visit

    Explosion reported near Palestinian PM's convoy during Gaza visit

    In late November, the two sides agreed to hold parliamentary and presidential elections in Palestine before the end of 2018. Several bystanders have reportedly been injured in the blast; their condition remains unknown.
  • Mohamed Salah transfer value rises highest in Europe this season

    Mohamed Salah transfer value rises highest in Europe this season

    Salah is the Premier League's joint-top scorer along with Tottenham's Harry Kane, with both strikers sitting on 24 goals this season.

    (XOM) is Tdam USA Inc.'s 7th Largest Position

    After $0.66 actual EPS reported by Sysco Corporation for the previous quarter, Wall Street now forecasts 0.00% EPS growth. The stock of Exxon Mobil Corporation (NYSE:XOM) earned "Equal-Weight" rating by Barclays Capital on Monday, October 12.
    US budget deficit rose in February to $215.2 billion

    US budget deficit rose in February to $215.2 billion

    The US recorded a US$215 billion (RM838.8 billion) budget deficit in February - its biggest in six years - as revenue declined. In February, employers started using tax tables that withhold less from paychecks based on the new law.
  • United Nations  investigators cite Facebook role in Myanmar crisis

    United Nations investigators cite Facebook role in Myanmar crisis

    But she remains a heroine for most of her compatriots, who largely consider the Rohingya as unwanted illegal immigrants from Bangladesh.
    Redmi 5 to be available on from tomorrow

    Redmi 5 to be available on from tomorrow

    Alternatively, you can manually verify for the presence of the update by tapping Software Settings from within your device. Notably, Xiaomi has reportedly already started rolling out the MIUI 9 to some of the mentioned smartphones.

    Truewealth LLC Acquires Shares of 2582 Alibaba Group Holding Ltd (BABA)

    Cleveland Todd M sold 10,000 shares worth $831,617. $162,523 worth of stock was sold by ROBINSON RAY M on Thursday, September 14. It worsened, as 74 investors sold CSCO shares while 637 reduced holdings. 66 funds opened positions while 193 raised stakes.


Latest news

Altaf Bukhari replaces Dr Hasseb Drabu as Finance Minister
He was also a consultant to the Economic Advisory Council of the Prime Minister and to the 10th Finance Commission. The split will occur in coming months and may pose a serious challenge to PDP in Parliament Elections 2019.

Valve introduces a Dota 2 subscription program with various benefits
Finally, Valve is bringing back the weekend Battle Cup tournaments, which Plus members will receive free access to. Valve has just introduced a subscription-based service to replace the current Battle Plus Plan on Dota 2 .

Green Valley Investors LLC Sells 82689 Shares of Danaher Co. (DHR)
Green Square Cap Llc accumulated 0.08% or 5,071 shares. 35,814 are owned by Roanoke Asset Mgmt Corporation New York. The stock of Danaher Corporation (NYSE: DHR ) earned "Hold" rating by RBC Capital Markets on Tuesday, January 30.

Bad Boy Rapper Craig Mack Has Passed Away
Diddy's Bad Boy label. 'He was prepared for whatever comes, to go home to the Lord. "He was prepared to do that". EPMD's Erick Sermon said Mack had been working on new material at the time of his death. "That's more than most".

The Driehaus Capital Management LLC Takes Position in American Tower Corp (AMT)
The real estate investment trust reported $1.59 EPS for the quarter, missing analysts' consensus estimates of $1.63 by ($0.04). The stock has a market cap of $63,297.39, a P/E ratio of 53.78, a price-to-earnings-growth ratio of 1.61 and a beta of 0.80.

(NYSE:ORI) Holdings Reduced by Advisory Services Network LLC
Why is EPS essential to watch? The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.49 and a current ratio of 0.49. The firm owned 9,023,085 shares of the insurance provider's stock after buying an additional 1,257,200 shares during the period.

Deepika Padukone is back
Deepika herself was suffering from severe neck pain but says she is fine now and there is nothing to worry about. Deepika said, "I think we should always pray for people and their good health".

I Am Being Myself in October - Varun Dhawan
Earlier in an interview while speaking about Varun, Arjun had said "I care for Varun on an emotional level". Not because one actor is doing good in films.

Palace still open to probe despite UN High Commissioner's remarks vs Duterte
The president gave permission to the police to ignore the human rights investigators and remain silent should the global rapporteur question their policing tactics.

French Connection defies United Kingdom retail gloom by narrowing financial losses
Overall, the group has 116 stores and concessions and a further 212 franchised outlets - down by 6.5% and 26% respectively over the past financial year.

United Technologies Co. (NYSE:UTX) VP Sells 419 Shares of Stock
The stock of United Technologies Corporation (NYSE: UTX ) earned "Equal Weight" rating by Barclays Capital on Monday, August 31. It fall, as 27 investors sold RDUS shares while 25 reduced holdings. 111 funds opened positions while 484 raised stakes.

Trump may exempt more countries from trade tariffs
But "it introduces a lot of uncertainty", says Wendy Cutler, a former US trade official now at the Asia Society Policy Institute. He said the tariffs would also hurt the USA auto industry and result in higher costs for consumers on both sides of the border.

Championship midweek preview: Wolves, Cardiff and Aston Villa all in action
Terry did not appear to know where he was when he hooked Matt Doherty's short cross into touch from under the bar. Wolves defence was again badly at fault in the 62nd minute.

Oil edges up on news of US-North Korea meeting
Despite these increases, Brent and WTI are on course for weekly declines of nearly 1% and 1.7%, respectively. Brent crude futures were at $65.38 per barrel, down 11 cents, or 0.2 percent, from their previous close.

Top Republican slams Trump tariff move
Louisiana, for example, is a huge importing state and relies on steel and aluminum imports for its gas industries. Dan Nowicki is The Arizona Republic's national political reporter.

Other news