Grab, Finance, Fintech

Grab, Finance

Grab announces new investment, consumer loan products as part of financial services drive

Grab announces new investment, consumer loan products as part of financial services drive

4/8/2020 9:33:00 AM

Grab announces new investment, consumer loan products as part of financial services drive

SINGAPORE: Grab Financial Group announced a slew of new financial products and services on Tuesday (Aug 4), including a micro-investment ...

AdvertisementAdvertisementIts new micro-investment product AutoInvest - created after Grab Financial’s acquisition of robo-advisory start-up Bento Invest - would allow users in Singapore to invest at least S$1 per transaction on the Grab app.Users will be able to earn returns of about 1.8 per cent per annum, which will be paid out to their GrabPay wallets.

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“AutoInvest sets GrabPay apart from other e-wallets by allowing users to invest their wallet balance easily. The invested sum can then be withdrawn at any time, with no penalties, to spend on Grab services or at any merchant accepting the GrabPay Card,” said Grab in its news release.

The firm added that money would be invested in "high-quality, liquid fixed income funds" offered by Fullerton Fund Management and UOB Asset Management.AutoInvest will be available to eligible users via the Grab app in early September, and users will be charged a “low all-inclusive fee”. headtopics.com

The new third-party consumer loan platform, which will be launched in Singapore before being introduced in Malaysia and other countries, will allow users access to personal loans offered by Grab’s licensed bank partners.Grab Financial and its bank partners will integrate their application programming interfaces (APIs), said Grab, allowing users to securely apply for loans directly within the Grab app.

It is also expanding its"buy-now-pay-later" line of offerings by launching PayLater Instalments, which will allow users to split their purchases into monthly instalments, and PayLater Postpaid, where payments can be deferred to the following month. These will be available on select e-commerce sites in Singapore and Malaysia in October.

READ: Grab seeks to be largest financial service provider in Southeast Asia; launches several initiativesGrab Financial will also launch a new hospitalisation insurance plan, called Hospital Cash Cover, in Indonesia in the coming months.Tuesday’s announcements come after after a series of cost-cutting measures by Grab, with co-founder Tan Hooi Ling noting the company’s revenue had fallen in the wake of the ongoing COVID-19 pandemic.

Read more: CNA »

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SoftBank-backed Grab snags US$200 million from private equity firmSoutheast Asian ride-hailing leader Grab Holdings Inc. is raising US$200 million from South Korean private equity firm Stic Investments Inc., according to people familiar with the matter.

Grab snags US$200 million investment from South Korean private equity firmSINGAPORE (BLOOMBERG) - South-east Asian ride-hailing leader Grab Holdings is raising US$200 million (S$275 million) from South Korean private equity firm Stic Investments, according to people familiar with the matter.. Read more at straitstimes.com.

Grab snags US$200m from Korean private equity firm[SINGAPORE] South-east Asian ride-hailing leader Grab Holdings is raising US$200 million from South Korean private equity firm Stic Investments, according to people familiar with the matter. Read more at The Business Times.

Grab snags US$200 million investment from South Korean private equity firmSINGAPORE (BLOOMBERG) - South-east Asian ride-hailing leader Grab Holdings is raising US$200 million (S$275 million) from South Korean private equity firm Stic Investments, according to people familiar with the matter.. Read more at straitstimes.com.

SoftBank-backed Grab snags US$200 million from private equity firmSoutheast Asian ride-hailing leader Grab Holdings Inc. is raising US$200 million from South Korean private equity firm Stic Investments Inc., according to people familiar with the matter.

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