Ride hailing app Grab launches financial services unit

Jason Thompson MD of Grab Pay SEA

Jason Thompson MD of Grab Pay SEA

Southeast Asia's largest taxi-hailing app operator Grab on March 13 announced its new joint venture Grab Financial with Japanese consumer financing company Credit Saison to provide loans and lending services to millions of micro-entrepreneurs across the region.

Grab, the ride sharing platform we are all familiar with, has become a little more unfamiliar to us with the launch of its new product.

As part of this, the launch of Grab Financial Services Asia (GFSA) was also announced. 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.

Today, the Grab app has been downloaded onto over 86 million mobile devices, offering private vehicle, motorbike, taxi, and carpooling services, as well as on-demand food and delivery services across 191 cities in 8 countries in Southeast Asia.

Processing more than a billion transactions a year, Grab said it could offer alternative data sources for assessing credit ratings, evaluating behaviour and transaction data such as geo-location and transport movements.

The initial phase of the JV will focus on providing products for its driver-partners, agents and merchants, such as working capital loans, financing for smartphones and durable goods, as well as consumer goods financing.

The new venture will also look at offering credit scoring services to financial firms who can use the information to provide other services such as virtual credit cards.

Armenian foreign ministry: Baku breaches its obligations to OSCE
To note, under the 2011 guidelines to the 1990 Vienna Document, OSCE countries that conduct exercises exceeding a combined total of 13,000 troops are required to notify all other OSCE participating states in advance of the exercise.

Jason Thompson, MD of GrabPay SEA.

Today, it extended that further still by introducing micro-loans and insurance options for Grab drivers and businesses that use its GrabPay services.

When a journalist in the room asked if Credit Saison had made any investments in Grab, Thompson replied: "That's not what we've launched".

"We've not announced anything about Credit Saison investing in Grab", he added.

Rather than pumping potential financial services customers with alerts via its app, Grab plans to take a community-driven approach and promote the availability of services using its driver events, its network of agents and other offline means.

According to Grab, the partnership also would tap its technologies such as telematics, machine learning, and data analytics to provide insurance services that were customised for its drivers across the various Southeast Asian markets.

Noticias recomendadas

  • Heather Locklear evades felony charges after being 'combative, flailing, kicking' at police

    Heather Locklear evades felony charges after being 'combative, flailing, kicking' at police

    Locklear's credits include " Melrose Place ", "The Perfect Man", "Spin City", "Too Close to Home" and "Scary Movie 5". Locklear may have felt relieved that domestic violence charges have vanished but she shouldn't be complacent at all.

    Chevron (CVX) Given Media Sentiment Score of 0.11

    Madison Investment Holdings Inc decreased Humana Inc (NYSE:HUM) stake by 6,503 shares to 70,103 valued at $17.08M in 2017Q3. It dived, as 43 investors sold CVX shares while 696 reduced holdings. 54 funds opened positions while 148 raised stakes.
    Dan Gilroy & Jake Gyllenhaal's Netflix Film Sets Ensemble Cast

    Dan Gilroy & Jake Gyllenhaal's Netflix Film Sets Ensemble Cast

    For Ashton, the role is a huge get, having beat out several actresses for the part. A24 recently purchased rights to the movie and plans to open it on June 8.
  • Hundreds of genes linked to intelligence identified

    Hundreds of genes linked to intelligence identified

    Genes found to be linked to intelligence also appeared to influence other biological processes, researchers said. Researchers used data from the UK Biobank, comparing DNA variants from more than 240,000 people.
    Sarampión: Ministerio de Salud confirma segundo caso en Perú

    Sarampión: Ministerio de Salud confirma segundo caso en Perú

    La enfermedad fue confirmada luego de que una muestra de sangre fuera analizada por personal del Instituto Nacional de Salud. La vacuna contra el sarampión también fue puesta a 383 personas entre 5 y 49 años de edad.
    Bad Boy Rapper Craig Mack Has Passed Away

    Bad Boy Rapper Craig Mack Has Passed Away

    Regardless of what happened later in his career, "Flava in Ya Ear" will always be a hip-hop classic. 'God bless my friend. Diddy's Bad Boy label. 'He was prepared for whatever comes, to go home to the Lord. "He was prepared to do that.
  • Metro Pink Line links DU North, South campuses

    Metro Pink Line links DU North, South campuses

    Located semi-underground, the new Netaji Subhash Place station has been given a wonderful look with artworks on the walls. A total of 19 trains will be pressed into service for the entire section, it said.
    SDP Begins Mass Registration Of New Members In Adamawa

    SDP Begins Mass Registration Of New Members In Adamawa

    Yola - The Social Democratic Party (SDP ) has commenced mass mobilisation and registration of new members in Adamawa, the party's state Secretary, Mr John Luka, has said.
    Roku Refuses to Drop NRA TV

    Roku Refuses to Drop NRA TV

    Despite other streaming services receiving constant demands and petitions to drop NRATV, Roku is the only one to respond so far. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.17.
  • Free agent ace Arrieta, Phillies reach deal

    Free agent ace Arrieta, Phillies reach deal

    He says in his letter he was on the verge of walking away from baseball before beginning a "transformation" in Chicago. Childhood dreams turned reality, thanks to so many incredible people, all holding one another to a very high standard.
    Muthalik, 30 others acquitted in Mangaluru pub attack case

    Muthalik, 30 others acquitted in Mangaluru pub attack case

    The incident had shot the organisation as well as its chief Muthalik to infamy. They claimed that the women had been violating traditional Indian values.
    Here's why J&K Finance Minister Haseeb Drabu was sacked by Mehbooba Mufti

    Here's why J&K Finance Minister Haseeb Drabu was sacked by Mehbooba Mufti

    Haseeb Drabu , MLA from Pulwama district's Rajpora constituency, started his career in 1990 with the Planning Commission of India. Drabu, a former Business Standard editor, was known to be close to late Chief Minister Mufti Sayeed, father of Mehbooba Mufti.

Nos complace brindar esta oportunidad para compartir información, experiencias y observaciones sobre lo que está en las noticias.
Algunos de los comentarios se pueden reimprimir en otras partes del sitio o en el periódico.
Gracias por tomarse el tiempo para ofrecer sus pensamientos.