Today – Grab’s financial unit reportedly announced that the said company is launching new financial services. It includes a pay-later program, loans, health insurance, and micro-investments.
The inline consumer products of Grab includes a platform called AutoInvest. A platform, allowing the consumers to put up and grow money through the app. The company also provided a buy now, pay later program, consumer loans, and health insurance.
The hospital insurance will be launched in Indonesia. It will be prioritizing the consumers and the supplementation of the country’s healthcare system.
On the other hand, the micro-investment will be first available in September in Singapore through the digital wallet of Grab. The company acquired the Bento to allow investments in the platform, working together with UOB Asset Management and Fullerton Fund Management. These partnerships help Grab to allow consumers for as low as 1 SGD at a time with 1.8% potential returns.
While the buy now, pays later program called PayLater will be launching first in Singapore and Malaysia. This program lets the consumers use Grab services that they can pay, every end of the month.
Grab Financial Group has been offering purchase financing for merchants and working capital loans to drivers. And now, they are offering consumer loans. For the consumers to avail of the service, there will be an application process that the users can access from third-party licensed banks and financial institutions.
Reuben Lai, who is the senior managing director at Grab Financial Group, said that the company’s focus is on consumers and to provide better services. The company believes that “profitability and sustainability will follow” if they focus on the latter.
The Singapore based company has started rolling in the market since 2012 that offers carpool services. Then, Grab soon expanded offering delivery and other services such as building a digital insurance marketplace that they built in January 2019 through a joint venture with ZhongAn.
And in February, Grab decided to focus on its financial and payments services by raising $856 million to quicken the development. As of yesterday, the valuation of the company has made it to about $14.3 billion.