Grab Expands Suite of Financial Product to Include Micro-Investment Platformby Fintech News Singapore August 4, 2020
Grab Financial Group (GFG), the fintech arm of Grab today announced the launch of a suite of financial products. The three main products GFG is launching under their new strategy dubbed as ‘Thrive with Grab’ are a micro-investment platform named Auto Invest; consumer loans via Grab’s third-party loan platform, and the buy-now-pay-later payment plans for select e-commerce sites.
The micro-investment solution was formed as a result of their acquisition of robo-advisory firm Bento in February 2020. This solution allows Singapore users to ‘invest as they spend” with their Grab transactions.
AutoInvest monies are invested in fixed-income funds offered by Fullerton Fund Management and UOB Asset Management. The invested sum can be withdrawn any time with no penalties and can also be used to spend on Grab services or at any merchant accepting the GrabPay Card.
While the third party loan platform will start in Singapore before expanding to Malaysia and other countries. This platform will partner with licensed banks to provide consumers to access to loans directly within the Grab app.
Whereas the buy-now-pay-later payment plan will be expanded to select e-commerce sites in Malaysia and Singapore in October. The planned expansion of the buy-now-pay-later payment plan was earlier revealed in an interview between Fintech News Malaysia and GrabPay Managing Director, Ooi Huey Tyng.
Reuben Lai, Senior Managing Director, Grab Financial Group, said:
“As a leading fintech company in Southeast Asia, our ‘Thrive with Grab’ strategy will enable users to build their wealth, manage their finances and protect what they value during this uncertain period. By offering innovative micro-transaction-based financial services, convenient financial management tools and access to products from leading global financial institutions, we hope to unlock the tremendous potential in financial services in the region in ways that serve all Southeast Asians.”
Featured image: Reuben Lai, Senior Managing Director, Grab Financial Group