Southeast Asia's Grab Moves Into Financial Services with Loans, Insurance

13 March, 2018, 15:35 | Author: Sammy Rose
  • Pic Reuters

Separately, Grab has also signed a partnership with property and casualty insurance company, Chubb, to offer insurance plans to Grab's drivers and customers. With more than 86 million downloads, Grab already has a solid base of customers who can start using its app for their financial needs.

According to the press release, Grab Financial will encompass all of Grab's fintech offerings, including payments services, rewards and loyalty services, agent network services and now also financial services. 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. 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). Grab is present across eight countries in Southeast Asia and has an existing loan book worth over $700 million because of prior campaigns for vehicle financing, insurance, and more such facilities.

"By analysing behaviour from the app, such as transport movements, geo-location, and GrabPay transaction data, the company can offer alternative data points to assess credit worthiness, filling the gap left by traditional credit scoring methods".

Speaking about the launch to various platforms, Jason Thompson, Managing Director, GrabPay, said, "Today we've helped create about five million jobs [across Grab services], for those people to grow their businesses, we need to provide them with financial services".

Grab Financial Services Asia, puts in place a much-needed infrastructure that will accelerate financial inclusion in Southeast Asia.

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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".

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.

It is also interesting to note that through this joint venture with Grab to form Grab Financial, Credit Saison is further establishing itself as a strong player in the fintech space in Southeast Asia.

Using the Grab app, drivers will be able to select different insurance options such as loss of income insurance, per-ride schemes, personal accident policies and motor insurance.

Nobody has any data on them; the platform is all designed around them.

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