Grab Financial Group, the financial services arm of the ride-hailing company, has announced plan to roll out a range of financial products and services including a micro-investment scheme.
The new offerings were launched as part of the firm’s ‘Thrive with Grab’ strategy which aims to utilise Southeast Asia’s mass-market financial services opportunity.
Dubbed AutoInvest, the company’s micro-investment solution enables consumers to invest as they spend on the Grab platform.
It allows consumers to invest minimum S$1 per transaction on the Grab app and offers returns of about 1.8% per annum.
The initiative, which will be launched next month, was first announced by the Grab following its acquisition of robo-advisory start-up Bento Invest.
Grab is also set to roll out a third-party consumer loan platform in Singapore, with plans for expansion in countries including Malaysia. It will allow customers to apply for personal loans offered by bank partners using the Grab app.
The firm is also planning to launch ‘buy-now-pay-later’ scheme in October. PayLater Installment will allow consumers to split their purchases into monthly installments.
This new service will be applicable to selected e-commerce stores in Singapore and Malaysia in October.
Grab Financial senior managing director Reuben Lai has been quoted by Techinasia as saying: “Our ‘Thrive with Grab’ strategy will enable users to build their wealth, manage their finances, and protect what they value during this uncertain period.”
Meanwhile, Grab is reportedly raising $200m from South Korean private equity firm Stic Investments.
Earlier this year, Grab received $856m from Japan’s Mitsubishi UFJ and IT services firm TIS to expand its financial services.