Grab offering loans, insurance with new fintech platform

Pic Reuters

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.

New York Giants Sign Former Panthers Running Back
In 2011, he set Panthers records for catches (47) and receiving yards (413) in a season by a running back. He posted a total of 7,318 rushing yards and 51 touchdowns in his time with the Panthers.

Man United's Carrick to hang up his boots at end of season
The midfielder progressed through the youth ranks at West Ham United before having spells at Swindon Town, Birmingham, Spurs and then Manchester United .

Twitch Prime adding more free games with monthly subscription
The service also features ad-free streams, exclusive chat emotes, and free in-game cosmetics and loot. So if you aren't a Twitch Prime member yet, perhaps now might be a good time to consider signing up.

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.

Related:

  • ACA writes Trump, urging him to reconsider steel, aluminum tariffs

    ACA writes Trump, urging him to reconsider steel, aluminum tariffs

    The Europeans have laws banning the use of certain hormones, which make it all but impossible to agree to Trump's terms. Trump's next negotiating tactic, fight back, appears to sum up his determination with changing trade deals.
    Santa Barbara County storm evacuation orders lifted

    Santa Barbara County storm evacuation orders lifted

    Authorities said revised expectations for Tuesday's storm were below the 1/4-inch-per-hour rainfall threshold for debris flows. Red Cross has established an evacuation center at Goleta Valley Community Center, 5679 Hollister Ave., Goleta, CA 93117.
    U.S.  should have a 'space force'

    U.S. should have a 'space force'

    The only thing better than its glorious dated theme song is that the 30-minute program co-starred a young, dashing Fred Willard as Capt.
  • Illinois Governor to Veto Gun Retailer Licensing Legislation

    Illinois Governor to Veto Gun Retailer Licensing Legislation

    Don Harmon (D-Oak Park) did not mince his words either, imploring Rauner to sign a bill Harmon has worked to pass for 16 years. The measure passed the Democratic-controlled legislature just days after the mass shooting at a Parkland, Fla., high school.
    This Is Us: our expectations for the Season 2 finale

    This Is Us: our expectations for the Season 2 finale

    It hurt to see that, the Pearsons' best case scenario, especially in light of what happened at the end of the episode. It's wedding day! Kate decides at the last minute to go to an ice cream shop she and her dad used to go to.
    Browns Reportedly Making 'A Big Run' At Nate Solder

    Browns Reportedly Making 'A Big Run' At Nate Solder

    As Mary Kay Cabot of Cleveland.com noted, Thomas, 33, has yet to inform the Browns if he will play in 2018 or retire. Teams across the league are using the in-between period to pursue the Patriots' unrestricted free agents.
  • Buveur D'Air toughs it out to cling on to title

    Buveur D'Air toughs it out to cling on to title

    Footpad's performance was hard viewing for trainer Mullins who watched on anxiously as his charge staged his heroic comeback. He added: "He's very good - you don't win them back to back unless you are very good".

    North Star Asset Management Inc. Buys 1650 Shares of Celgene Co. (CELG)

    Moreover, Abner Herrman Brock Ltd Liability Company has 1.5% invested in Celgene Corporation (NASDAQ:CELG) for 58,134 shares. Bnp Paribas Arbitrage Sa owns 0% invested in Quanex Building Products Corporation (NYSE:NX) for 18,062 shares.
    Seahawks Players Harassed Over Anthem Protest 'Get Off Your F**king Knees'

    Seahawks Players Harassed Over Anthem Protest 'Get Off Your F**king Knees'

    The woman is upset that players have been kneeling during the national anthem in protest of racial injustice in America. The NFL and teams get their money from season-ticket holders, other paying customers, broadcast contracts and sponsors.
  • Rajya Sabha adjourned till 2 pm

    Rajya Sabha adjourned till 2 pm

    After both the houses were adjourned early on the day, Congress hit back at BJP. The House was first adjourned until 2 pm, and later for the day.
    Tom and Abby from Queer Eye are back together, and they're engaged!

    Tom and Abby from Queer Eye are back together, and they're engaged!

    Taking to his own Twitter account, the star of the first episode of the show announced that he is now engaged to his ex-wife, Abby .
    Championship weekend preview: Aston Villa face Wolves in key promotion clash

    Championship weekend preview: Aston Villa face Wolves in key promotion clash

    The defeat at Villa doesn't mean so much now, especially after they lost, so we are in a good position. I blame myself because I always thought it would be hard to get the bandwagon rolling again.

Comments

Latest news

Tremendous positive energy, warmth & genuine affection at Sonia Gandhi dinner: Rahul
When like-minded leaders meet, they discuss politics and serious governance issues that are affecting the whole nation. He also accused the government of running away from debate on key issues such as banking frauds.

Speculation on Why Ronda Rousey Missed Monday's RAW
It was surprising to see viewership increase to such a large degree, but that means WWE did something right on Monday. A report from ESPN was quickly releasedafterwards with Rousey saying she'd signed a multi-year deal with the company.

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.

Mizoram, Assam told to resolve dispute
At least 40 people have died in clashes along the border with Arunachal Pradesh, Nagaland, Meghalaya and Mizoram since the 1960s. The MZP alleged lathicharge and firing by the police that injured 49 persons, including students and journalists.

National Geographic magazine acknowledges its racist past
The magazine also used to repeatedly refer to people of different cultures as "savages", "unintelligent", and "unsophisticated". Important words for magazine writers, editors, publishers and readers to keep in mind, at National Geographic and beyond.

Heather Locklear charged with four counts of battery
United States actress Heather Locklear has been charged with several counts of battery against a sheriff's officer. This undated booking photo provided by the Ventura County Sheriff's Office shows actress Heather Locklear .

NCAA Tournament LIU Brooklyn vs. Radford
Hicks picked up his fourth foul with nine minutes remaining in the game with Radford up 53-46. The NCAA Tournament gets underway tonight with the " First Four " in Dayton.

Chevron (NYSE:CVX) Upgraded by BNP Paribas to Neutral
South Texas Money Mngmt Ltd holds 363,627 shares or 2.03% of its portfolio. 288,000 were accumulated by Armistice Capital Limited. After $0.73 actual EPS reported by Chevron Corporation for the previous quarter, Wall Street now forecasts 105.48% EPS growth.

Big Sean & Jhene Aiko's Relationship hits Rough Patch over Nicole Scherzinger
Aiko and the rapper had been together for over four months, following Aiko's divorce from former husband, producer Dot Da Genius . Though she admitted to seeing another man while in a relationship, she didn't betray her ex-husband.

US Bancorp DE Sells 20446 Shares of Bristol-Myers Squibb Co (BMY)
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%.

Trump considers firing veterans affairs secretary David Shulkin
Embattled Secretary of Veterans Affairs David Shulkin is likely to be the next high ranking administration official to be fired. He was promoted to head the agency when President Donald Trump took office.

Roma knock Shakhtar out of Champions League
Dzeko came close to doubling his tally just ten minutes later, but his effort drifted wide of the post. Antonio Conte could make that four with his Chelsea side face Barcelona on Wednesday.

The Flash Producer: Fans Haven't Guessed Mystery Girl's Identity Yet
Fans have even pointed at some resemblance between Iris and the mystery girl suggesting that they both talk fast when nervous. Patton said she only learned about the episode right before it was shot, giving her little time to prepare.

GM planning peer-to-peer vehicle rental
Cruise Automation, GM's driverless auto unit, has said it will test self-driving cars in New York City this year. Carmakers can make this model work because they have huge networks of vehicle owners, he said.

Don't believe the hype about the coming solar storm
They have been fairly common as of late, with the March 18 storm being the third already in 2018, but some are larger than others. However, the activity should be nothing more than a minor storm, as NOAA's readings show comparable readings.

Other news