Grab Shuts Down Investment Business, Users Have Until 13 Oct to Withdraw Fundsby Fintech News Singapore September 26, 2023
Ride-hailing and food delivery superapp Grab announced that it will be shuttering its investment business in Singapore by discontinuing its AutoInvest and Earn+ products.
Micro-investment platform AutoInvest is Grab’s first retail wealth management product was formed as a result of their acquisition of robo-advisory firm Bento in February 2020. This solution had allowed Singapore users to ‘invest as they spend” with their Grab transactions.
Launched in May last year, Earn+ is an investment product that allows users to earn interests of 2% – 2.5% p.a., touted to be a low-risk alternative to fixed deposits and endowments.
Earn+ was part of the superapp’s launch of GrabFin, a brand for its digital payments, insurance, lending and wealth management offerings.
Grab said in a notice to its customers,
“This decision follows an extensive review which concluded that the business would not be commercially viable.”
The app had stopped accepting deposits into AutoInvest and Earn+ since yesterday (25 September). Automatic transfers into AutoInvest has also been paused.
Users will have until 13 October 2023 to withdraw their funds from both products. Following that period, no further transactions will be permitted.
They will find that both their AutoInvest and Earn+ accounts will be closed on 31 October so they will not be able to hold any funds following that period.
However, Grab users will still be able to view their account details and transaction history until 13 November 2023 and contact customer support regarding their accounts.