Grab Ties up With Citi to Offer in-App Loansby Fintech News Singapore January 8, 2021
Citi and Grab, South East Asia’s super app, have expanded their partnership in consumer lending with the launch of the bank’s first API-enabled lending capability in Asia Pacific.
Beginning with Singapore with more markets in the region to follow, existing and eligible Citi credit card customers can apply for a personal installment loan or Citi Quick Cash through the Grab app.
Qualified customers who meet Citi’s lending criteria can apply for a loan from Citi through the Grab app, with flexible repayment options ranging from 12 to 60 months at attractive rates to help them manage their personal finances.
Citi Quick Cash enables eligible customers to convert the available credit limits on their respective Citi credit cards into a cash loan that is payable in monthly installments. Currently, most of the Citi Quick Cash loan applications in Singapore are already acquired digitally.
With the API connectivity, eligible customers are able to perform select actions on a partner’s digital e-commerce site or app, using a secured connection developed, controlled and owned by Citi.
When a Citi Quick Cash application is initiated through the Grab app, the information is then sent to Citi through the APIs where the loan will be processed, reviewed and disbursed by Citi.
The extension of Citi’s consumer lending partnership with Grab follows the launch of the Citi-Grab credit card in June 2019. Citi and Grab’s wider partnership dates back to 2016 when a collaboration was announced across six markets in Asia, including Singapore. Since then, Citi credit card customers have been able to use points or miles earned to pay for services on the Grab platform.
Since 2016, the partners have widened the scope of their cooperation to include additional Grab services including incentives for topping up GrabPay wallets as well as cash back benefits for spending on Grab services.
“Citi is proud to be the first banking partner to offer personal loans on the Grab app. Our partnership with Grab has progressed from strength to strength as we continue to expand our presence in digital ecosystems.
We have long recognised that consumers in Asia are inclined to use digital apps for various lifestyle and daily needs, including more increasingly, their payment and lending needs. We are excited to further our strategic partnership with Grab while deepening our engagement with our expanding digital-first customer base.”
said Sanjay Nambiar, Regional Head of Partnerships, Asia Pacific and EMEA, Citi.
Ankur Mehrotra, Managing Director and Head of Lending, Grab Financial Group said:
“Grab is committed to serve the everyday borrowing needs of our customers with responsible access to credit. We are excited to partner with Citi to do so, offering a financing solution for qualified users through a seamless Grab app experience for the first time.
With more consumers in Singapore rapidly taking up digital financial services and being more interested in safeguarding their financial health, we hope that this integrated solution will help them manage their finances more effortlessly.”
Grab has been eyeing the lending space since embarking on the journey to acquire a digital banking license by providing local small and medium-sized enterprises (SMEs) with quick and accessible funding.
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