Speaking at the Money 20/20 conference at Marina Bay Sands on Tuesday (Mar 13), CEO Anthony Tan announced the launch of Grab Financial, which will encompass Grab's payment system, rewards programme, agent network and financial services.
It is also interesting to note that through this joint venture with Grab to form Grab Financial, Credit Saison is further establishing itself as a strong player in the fintech space in Southeast Asia.
Southeast Asian ride hailing app Grab is expanding into financial services in partnership with a Japanese credit card company, hoping to offer credit to millions of people without bank accounts.
Managing director of GrabPay Southeast Asia Jason Thompson said in a separate media briefing on Tuesday that Ibu Sumiati only has a rolling credit of funds to last 24 hours, so if a robbery happens, her business closes.
According to a statement, the JV, called Grab Financial Services Asia, is part of the launch of Grab Financial, the fintech platform within the Grab ecosystem.
At the heart of the new company's offering is Grab's ability to gather and analyse alternative data points on consumer behaviour, which can be used to develop sophisticated credit and risk assessments. The firm said its taxi app alone generates more than 5 million micro-entrepreneurs, including 2.6 million drivers.
Has $5.22 Million Stake in Freeport-McMoRan Inc (NYSE:FCX) Real Peter also sold $402,882 worth of Analog Devices, Inc. (NASDAQ:ADI) was sold by SICCHITANO KENTON J on Friday, January 12. RBC Capital Markets maintained Freeport-McMoRan Inc. (NYSE: FCX ). 2.02M were reported by Polar Limited Liability Partnership.
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Grab has partnered with Credit Saison, a Japan-based lending firm that is likely the country's biggest lender, with a worth of $3 billion and around 70 million credit cards in circulation. Smartphone use is growing the region, however, and Grab now has about 86 million downloads of its mobile app. Grab is present across eight countries in Southeast Asia and has an existing loan book worth over $700 million because of prior campaigns for vehicle financing, insurance, and more such facilities.
Nobody has any data on them; the platform is all designed around them. We want to ensure our driver-partners' hard work pays off and that their income and livelihoods are protected. Our insurance partnership is evolving from traditional group personal accident coverage for drivers to more digital options directly offered from the Grab app. We are excited to have a partner such as Chubb with whom we share this vision.
"Backed by Chubb's global insurance expertise, we are now able to bring this app-based insurance product for the first time to drivers across South-east Asia".
Here's what we understand of Grab Financial.
Beyond that, we can also expect Grab Financial to introduce new insurance products catered to the digital audience in Southeast Asia. These features is said to make it easier for drivers to find rides and secure earnings.
ConocoPhillips (NYSE:COP) for the trailing twelve months paying dividend with the payout ratio of 0.00% to its shareholders. Davide Leone & Partners Investment Company Llp sold 1.43M shares as Bristol Myers Squibb Co ( BMY)'s stock declined 1.04%.
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