Spinning out Grab Financial Group would put the ride-hailing giant one step closer to building a 'super app':
Go-Jek, a regional competitor of Grab's, has been ramping up its payments offerings. Major Indonesian ride-hailing service Go-Jek, which was recentlyat $10 billion, operates a digital payment service, Go-Pay, which offers money transfers, offline payments, insurance, and microloans and accounts for half of the payments on Go-Jek. And the firm has made several payments and commerce acquisitions over the past two years.
Meanwhile, Lyft is the most recent player to expand into payments, using financial services to retain its drivers. Lyft a no-fee bank account and debit card for drivers last week that offers tiered rewards on spending categories like gas and groceries.This move could feed into Grab's ambitions to build a"super app" that reaches almost all aspects of a user's life and would provide a promising growth opportunity for whichever payment company partners or invests in the firm.
Grab's significant presence across Southeast Asia opens a large volume opportunity for a payment firm to invest in Grab Financial Group. GrabPay is currently live in Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, with plans to launch in Thailand. Several countries have initiatives to boost digital payments, which makes it an opportune time to establish a presence as digital payments begin to popularize.
Grab Financial Group would complement Grab's existing plans to build out its financial services.Grab recently"Grow with Grab," a road map outlining its plans for growth, including introducing small business lending and micro-insurance for drivers in Singapore. Other new services include micro-insurance products, installment payments services, and"Pay with GrabPay," an online checkout payment method for online sellers.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion | Will Baltimore Make Off With the Races?Opinion: Baltimore considers businesses’ property—including intellectual property—theirs to grab, writes WalterOlson
Read more »
Sterling underwhelmed as UK lawmakers grab control of Brexit processSterling rose slightly on Monday after British lawmakers voted to wrest control ...
Read more »
Grab A Drink And Let's Go Through All The Drama From This Week In Australian PoliticsA week of getting on the sauce and James Bond magazines.
Read more »
Top founders share these skills, says investor who backed Alibaba, Grab and XiaomiWhat makes the perfect start-up founder? One woman who knows better than most is famed venture capitalist Jenny Lee.
Read more »
Fidelity's Latest Move In Workplace Benefits: A New Way To Donate To CharityYou have a 401(k) at work. Now you can donate to charity at work and grab your employer “giving” match.
Read more »
Progressives clash with DCCC leader in closed-door meetingProgressives clashed with DCCC chairwoman Cheri Bustos when they pressed her to reverse a new policy barring Democratic consultants from working with primary challengers if they want to receive business from the national campaign arm
Read more »
Fidelity's Latest Move In Workplace Benefits: A New Way To Donate To CharityYou have a 401(k) at work. Now you can donate to charity at work and grab your employer “giving” match.
Read more »
The male-dominated Quail Motorcycle Gathering is reserving front seats for womenThe decision to focus on and celebrate female riders at the 11-year-old event, considered the nation's premiere show featuring vintage and classic bikes, comes as women ridership has doubled over the past decade — even as the industry has slowed
Read more »