Southeast Asian fintech platform Grab Financial Group (GFG) announced that it will be launching Earn+, an investment product for its Singapore-based Grab users.
GFG also revealed that it will be launching GrabFin, a new brand that offers Grab users a single entry point to access payment, investment and insurance services on the app.
According to GFG, Earn+ is a low-risk investment product with a projected yield of 2%-2.5% per annum with better potential returns than most savings accounts when held over the short-to-medium term.
Earn+ users can start with a minimum investment of S$1, with no maximum investment limit or lock-in period.
It invests in low-risk and well-diversified mutual funds managed by Fullerton Fund Management and UOB Asset Management, and is available to all users over 18.
Users can withdraw funds to their GrabPay wallets instantly, or transfer the funds to their bank accounts at any time, without incurring any penalties or early withdrawal charges.
They can access Earn+ by tapping on the “Invest” icon on the Grab app home page, selecting “Earn+” and selecting “Explore more” to learn more about the investment product.
Earn+ will be rolled out to all users in Singapore by the end of the week.
“Earn+ provides our users with access to low-risk, investment-grade bond portfolios, which were previously only available to institutional investors. In today’s volatile environment, it can be a good complement to our users’ investment portfolio as a low-risk investment option.
With Earn+, Grab users can put their idle cash to work, and ideally stay invested for the short-to-medium term to ride out volatility and cushion the impact of inflation,”
said Wenbin Wong, Head of GrabFin, Singapore.
