Grab To Have UOB’s Digital Banking Service Integrated into Its Appby Fintech News Singapore November 12, 2018
United Overseas Bank Limited (UOB) and Grab today announced they have entered into a strategic alliance to accelerate the use of digital services among ASEAN’s growing base of digital consumers. Interestingly, this announcement comes shortly after Go-Jek’s partnership announcement with DBS
The alliance between the two parties will enable UOB to deliver financial services to Grab’s ASEAN-wide user base and to accelerate the Bank’s efforts to meet the needs of the region’s fast-growing ‘mobile-first’ and ‘mobile-only’ consumers.
It will also pave the way for Grab to offer directly from its app a number of payment solutions from the Bank’s holistic suite.
Under the alliance, UOB will become Grab’s preferred banking partner in Singapore. UOB will also be a strategic credit card partner for Grab in Singapore, Indonesia, Malaysia, Thailand and Vietnam. Consumers will enjoy special privileges when paying for Grab services with their UOB cards
Both companies will also explore launching co-branded credit cards in ASEAN. Grab will also tap the Bank’s cash management services to provide consumers the convenience of topping up their GrabPay wallet directly from their bank account.
The new top-up method will increase the number of ways that consumers can add money to their GrabPay wallet, which include topping up through credit and debit card or Grab’s network of drivers, agents and merchants.
The Bank is also working with Grab to embed features of its upcoming Digital Bank within Grab’s mobile app, enabling users to access banking services quickly and conveniently. Customers of the UOB ONE Credit card and the UOB Visa Direct Debit card will be the first to benefit from the strategic alliance.
Through these initiatives, consumers will be able to enjoy a fully digital and seamless banking and payments experience, from the moment they apply to open an account through to managing their everyday lifestyle needs when using the app.
As part of the alliance, UOB will also explore support for Grab in a number of other areas, from fleet financing, regional and centralised treasury management solutions, to workplace banking services.