Banking giant Citi has expanded its partnership with Singapore-based super app Grab to offer in-app lending services to consumers.
The bank will offer consumer lending in Southeast Asia from Grab’s application using its new API.
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Initially, the existing and eligible Citi credit card customers in Singapore will be able to apply for a personal instalment loan – also known as ‘Citi Quick Cash’ – using the app.
Customers can convert their credit limit on their credit cards into a cash loan with Citi Quick Cash. This loan can be repaid within 12-60 months.
Moreover, with the API connection, they can perform certain actions on participating e-commerce websites or apps.
The Citi Quick Cash loan applications, most of which are initiated digitally, use the API to help Citi locate where the loan is processed, reviewed, and disbursed.
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By GlobalDataCiti Asia Pacific and EMEA regional head of partnerships Sanjay Nambiar said: “Citi is proud to be the first banking partner to offer personal loans on the Grab app.
“We have long recognized that consumers in Asia are inclined to use digital apps for various lifestyle and daily needs, including more increasingly, their payment and lending needs.”
Citibank Singapore head of cards and personal loans Vikas Kumar added: “Citi has always strived to be an early mover in the digital space, and I am pleased to announce the launch of our API partnership with Grab in Singapore, making Citi the first banking partner to offer integrated personal loans on the Grab app.”
In June 2019, Grab and Citi launched the Citi-Grab credit card. However, their partnership dates further back to 2016.
In Southeast Asia, the companies have offered reward points or miles to customers to pay for their services on the Grab platform.
This includes GrabPay wallet top-ups and cashbacks for spending on Grab’s services.
The latest development comes a month after the Monetary Authority of Singapore (MAS) provided digital bank licences to four applicants, which included a Grab-Singtel consortium.
Grab Financial Group MD and head of lending Ankur Mehrotra said: “Grab is committed to serve the everyday borrowing needs of our customers with responsible access to credit.
“We are excited to partner with Citi to do so, offering a financing solution for qualified users through a seamless Grab app experience for the first time.”
