Pandemic delivers first crisis lessons to Southeast Asia's Grab

SINGAPORE - In the early weeks of the coronavirus outbreak, Anthony Tan, the CEO of Southeast Asia’s biggest ride-hailing firm, recalls how he mistook the infection to be a China-only problem, similar to the Severe Acute Respiratory Syndrome in 2003.

The message was clear. No one knew how long the crisis would last or how deep it would be. Tan, who co-founded Grab in 2012 with fellow Harvard Business School alumni Tan Hooi Lin, learnt he had to set thresholds and make decisive moves, even if they were unpopular.In June, the Singapore-based company laid off around 360 employees, just under 5% of its headcount, after slashing discretionary spending.

As coronavirus measures put the region of 650 million people under lockdown, Grab saw demand eroding for its transport business, but then nearly 150,000 of its drivers switched to becoming delivery men for home-bound customers. It has had to scale back plans for its travel and hospitality service verticals as consumers stayed at home, but its finance business has been boosted by surging digital payments and small businesses seeking working capital loans. The financial services business includes wealth management, insurance and lending.

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