Grab Grows Suite of Financial Products
Summary
«Thrive With Grab» brings an expanded range of new lending, wealth and insurance products, with which it hopes to tap into Southeast Asia’s vast mass market financial services opportunity. Grab will be pushing into retail wealth by focusing on accessible, convenient, and transparent investment products and solutions, while broadening its wealth management offerings that feed into its goal of strengthening its open fintech ecosystem, Lai said at a media briefing ahead of the launch on Tuesday. Following its acquisition of wealth management platform Bento earlier this year, Grab will roll out micro-investment solution AutoInvest in September, which allows users to «invest as they spend» with their everyday Grab transactions from S$1 ($0.73), and invest from their wallet balance to earn returns of about 1.8 percent per year, which can then be cashed out directly to their GrabPay wallets. To meet this demand, it is launching a third-party consumer loan platform, starting in Singapore, before expanding to Malaysia and other countries. The company laid off 5 percent of its workforce in June, which founder and CEO Anthony Tan said would help it better face the challenges of a post-Covid economy.