Grab to offer loans, insurance with new fintech platform Grab Financial

Anthony Tan Co-founder and CEO of Grab

"I wake up every day thinking about how we are going to empower the next 100 million micro entrepreneurs by 2020", Tan told the Money 20/20 conference in Singapore. With more than 86 million downloads, Grab already has a solid base of customers who can start using its app for their financial needs.

Grab has introduced its fintech arm which will bring its group payments, rewards & loyalty, agent network and financial services under an umbrella, as well as offer insurance products to its drivers and customers. Grab has said that the platform is now to be focussed exclusively on the company's business customers - chiefly its various drivers - but there may be a general consumer-focused version sometime in the future.

Jason Thompson, MD of GrabPay SEA. Whether that's nano-loans for working capital, the ability to buy a auto, actually without financial services we're going to restrict the business growth of that whole ecosystem.

Tan, together with GrabPay Southeast Asia Managing Director Jason Thompson, laid out his vision on Tuesday as the company tries to become a major financial services platform in the region. "That's the reason we're doing it". These financial services will fall under a new dedicated unit created by the rideshare, called Grab Financial Services Asia.

Grab Financial will offer insurance options to its 2.6 million driver-partners, underwritten by Chubb.

Grab will provide its vast consumer data based on its reach to millions of consumers across the region, while Saison will offer its expertise in credit analysis and consumer lending.

What's new with Grab Financial is the addition of loan and insurance services to individuals around in Southeast Asia. Grab will offer loans to the underserved via a joint-venture with Credit Saison, the largest lender in Japan (the company now has about $70 million credit cards in circulation, TechCrunch reported today).

With both the involvement with Grab and Shopback, arguably two of the most used consumer platforms in Southeast Asia, Credit Saison will have access to consumer habits, spending behaviours as well as financial insights of the Southeast Asia population.

A Google and Temasek joint study in late 2017 forecast that Southeast Asia's internet economy would likely grow to be worth more than $200 billion by 2025, from an estimated $50 billion in 2017. It will be interesting to see how Grab plans to use its resources to capitalise on Southeast Asia's potential while solving problems unique to the region, such as difficulties in establishing accurate credit scores.

Related News:

  • Opening ceremony of Winter Paralympics 2018

    Opening ceremony of Winter Paralympics 2018

    The athletics lineup includes alpine skiing, biathlon, cross-country skiing, ice hockey, snowboarding and wheelchair curling. They will compete as individuals because Russian Federation is banned from the Games, due to a doping scandal.
    Chiefs expected to sign WR Sammy Watkins to 3-year, $48M deal

    Chiefs expected to sign WR Sammy Watkins to 3-year, $48M deal

    In four National Football League seasons, the former first-round draft pick has 192 catches for 3,052 yards and 25 touchdowns. Rapoport says the deal will be worth $16 million per year for three years, with $30 million guaranteed.
    Study finds black barbershops can help clients lower blood pressure

    Study finds black barbershops can help clients lower blood pressure

    He didn't ask me nothing", Thomas said. "A place where they gather, when getting a haircut or not, and share information". The participants were divided into two groups. "With this program, we have been able to overcome that barrier".
  • Desjardins Analysts Reduce Earnings Estimates for Barrick Gold Corp (ABX)

    Desjardins Analysts Reduce Earnings Estimates for Barrick Gold Corp (ABX)

    It is negative, as 51 investors sold PEP shares while 689 reduced holdings. 38 funds opened positions while 106 raised stakes. Bluestein R H & Company increased Nvidia Corp (NASDAQ:NVDA) stake by 110,352 shares to 121,277 valued at $21.68M in 2017Q3.
    Man Utd employee reveals the truth following Jose Mourinho's claim about Rashford

    Man Utd employee reveals the truth following Jose Mourinho's claim about Rashford

    Accordingly, the 20-year-old has yet again impressed the fans by registering a brace against Liverpool in his side's recent clash. It also shows that Rashford - despite falling out of favour recently - is definitely getting the game-time needed to develop.
    Taliban likely to miss Afghan peace meeting, says host Uzbekistan

    Taliban likely to miss Afghan peace meeting, says host Uzbekistan

    President Donald Trump in August announced an increase in the number of U.S. troops in the country to push back the resurgent Taliban.
  • Vu calls Xiaomi low-end brand; Claims Sony, Sharp are real competitors

    Vu calls Xiaomi low-end brand; Claims Sony, Sharp are real competitors

    The new Mi TV 4A series will be targeted towards lower segment and is also "more accessible", according to the Chinese company. The 43-inch variant is priced at Rs 36,999, while the 49-inch and 55-inch are priced at Rs 46,999 and Rs 55,999 respectively.
    Global crude oil prices fall on relentless rise in US crude output

    Global crude oil prices fall on relentless rise in US crude output

    Last week's U.S.jobs data, as well as an easing of fears of a global trade war, boosted stocks across many parts of the world. The Treasury Department will auction $21 billion in 10-year notes on Monday, as well as $28 billion in three-year notes.
    Craig Mack has reportedly died at age 46

    Craig Mack has reportedly died at age 46

    Mack released his second album " Operation: Get Down " in 1997 before quitting music to devote his life to religion. It was only just recently that the much beloved Rick Ross [VIDEO ] was reportedly in the hospital on life support.
  • American Idol 2018 Premiere Recap: Watch Audition Videos & Highlights

    Benjamin started his performance a bit flustered by the unplanned kiss, and all three judges declined to send him to Hollywood. Her audition is a memorable one as she wears a black "Rebel" t-shirt, white short-shorts, and knee-high velvet boots.
    5 things to know about Mizzou's first-round opponent in NCAA Tournament

    5 things to know about Mizzou's first-round opponent in NCAA Tournament

    The school handbook for athletes says driving under the influence merits a minimum one-week suspension for a first offense. Porter, a ballyhooed freshman, underwent back surgery after getting hurt in the season opener. "I don't know about that".
    Weather Authority: Cooler and breezy on Tuesday

    Weather Authority: Cooler and breezy on Tuesday

    Moisture returns on the heels of a breezy southerly wind by Thursday , resulting in more clouds and a few scattered showers. A quick step back on Friday with temps in the upper 30s to low 40s at best but it will be a nice and bright day .


Most liked

Sukma: Names of 9 CRPF Personnel Martyred in IED Blast
The attack comes almost 11 months after 25 CRPF jawans were killed by a gang of nearly 300 Naxals at a construction site in Sukma. The injured personnel were being rescued from the spot and airlifted to the State capital.

Donald Trump ousts Rex Tillerson, Mike Pompeo is new secretary of state
In 2010, Pompeo defeated State Senator Jean Schodorf for the Kansas Republican primary for the 4th District Congressional seat. Gina Haspel will become the new Director of the Central Intelligence Agency , and the first woman so chosen.

SC extends Aadhaar linking deadline for all services till constitution bench's verdict
However, it is still mandatory to link your welfare schemes with Aadhaar to get benefits under Article 7 before the deadline. The apex court is now in the process of hearing a clutch of petitions that challenge the validity of the Aadhaar scheme.

Colts likely to miss out on signing WR Allen Robinson
Trubisky had a solid season for the Bears past year , completing 59.4 percent of his passes for 2,193 yards and seven touchdowns. This signing will be tied directly to the evaluation of Pace in his fourth season with his second head coach and a 14-34 record.

Trade tensions cloud best global growth outlook in seven years: OECD
The European Commission vowed to retaliate if hit by the tariffs. "Safeguarding the rules-based worldwide trading system is key". A full-blown trade war could cost the global economy US$470 billion by 2020, according to analysis by Bloomberg Economics.

Jose Mourinho goes in on Frank de Boer after Marcus Rashford comments
In the first half, the game gave us the opportunity to be direct, fast and score goals, more than we did. I'm really happy with Marcus'.

More information about the unannounced Asus ZenFone 5 Max appears in benchmark
According to the Geekbench listing, the phone in question is powered by a Qualcomm Snapdragon 660 SoC with 4GB RAM. As reported previously , the device received its Wi-Fi certification and now it has been spotted on Geekbench.

Sevilla prepared to 'suffer' against Man United at Old Trafford - Montella
On announcing his decision to retire, Carrick said: "I think it's pretty much already been said, to be honest with you". It's something you've got to accept so that's where I am at.

Notre Dame basketball misses out on NCAA Tournament
The Bears will face Wagner in their first game Tuesday night, and the Gaels take on Southeastern Louisiana later that night. Penn State certainly had some bad losses, and has nobody to blame but itself for missing out on the NCAA Tournament .

Notre Dame Basketball: Irish will be a 1-seed in the NIT
USC has won six of eight heading into Tuesday night's game against UNC Asheville in its first NIT appearance since 1999. The national semifinals are March 30 at 7 p.m. and 9:30 p.m., and the national championship game is April 1 at 6 p.m.

BTS: The full on action of the Baaghi 2 Trailer
But a set of people who were expecting a sneak peek at Tiger and Disha's chemistry were a tad bit disappointed. The film brings to celluloid the charming Tiger Shroff and Disha Patani together for the very first time.

Roger Federer backs Novak Djokovic to improve after poor comeback
Djokovic scrambled to win the second set on Sunday but the rust from the layoff was evident as he made 62 unforced errors overall. Krajinovic reacted well to Federer's first blow, breaking back immediately after going 2-0 down at the beginning of the match.

Trump orders tariffs on steel, aluminum imports
US steel and aluminum producers - and their counterparts around the world - have been hammered by overproduction by China . By offering countries a way to escape the tariffs, Trump might have eased the risk of a destructive trade war.

Championship Review: Villa stun leaders Wolves
Villa are now occupying the 3rd position on the Championship table with 69 points and will play QPR on Tuesday. The hosts have won eight of their last 10 league games and have only lost one home game this campaign.

Nicole Kidman sets new series 'The Undoing' at HBO
For HBO, The Undoing joins a roster of drama originals that also includes Game of Thrones, Westworld, The New Pope , J.J. And it wasn't just the network excited to see the adaptation take off, with Nicole sharing her excitement as well.