Fees charged by managers of the underlying funds will be reflected in the user's in-app portfolio performance; these fees will work out to less than 0.45 per cent per annum. Grab takes a cut of the fund fees.
The invested sum can be withdrawn at any time, with no penalties, to spend on Grab services or at any merchant accepting the GrabPay Card. Grab does not charge any transaction fees for investing in the AutoInvest solution.Meanwhile, under GFG's consumer loan platform, users will have access to personal loans offered by licensed bank partners. Bank partners and GFG will integrate their application programming interfaces so users can securely apply for the loans directly within the Grab app.
On the significance of the digibank licence, Mr Lai said:"When we launched GFG two years ago, our aim was really to unbundle banking products. But what we also observed was that as we launched each one of these products, digibank really does allow us to wrap everything, or rebundle everything, back together again in a more way."
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