FinTech: Grab Financial Flags Off A Bouquet of New Services

August 6, 2020 | FinTech, News
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The Group describes itself as Southeast Asia’s leading fintech platform.

Grab Financial announced Tuesday the launch of new financial products and services on its platform. These included AutoInvest, its first micro-investment solution, consumer loans from third-party partners, and a “buy-now-pay-later” scheme for select e-commerce websites. (Grab)

Thrive with Grab

The three new products will launch under the umbrella of “Thrive with Grab.”

This is a follow-up to last year’s ‘Grow with Grab’ initiative when the fintech launched its merchant financial services ecosystem.

Thrive encourages individuals to grow their personal wealth, manage their finances, and protect what they value.

Under AutoInvest, Singapore customers can choose to invest amounts starting from as low as $1, while being able to earn returns of 1.8% p.a. The profits earned may be transferred to the customers’ digital wallets.

According to Crowdfund Insider, customers’ funds are placed in liquid fixed income funds run by Fullerton Fund Management and UOB Asset Management.

“AutoInvest is our commitment to bring value to our consumers and partners with innovative, accessible, and easy-to-understand investment solutions,” said Chandrima Das, head of wealth at the Group. “We aim to better provide millions across Southeast Asia with the opportunity to invest in financial products traditionally limited to affluent individuals and institutional investors.”

Further, customers can evaluate various third party loans on their websites from inside the company’s app.

The giant fintech has tied up with certain beauty and fashion retailers for flexible payment facilities. These installment offers will be available to its customers in interest-free, easy-to-pay amounts.

“By offering innovative micro-transaction-based financial services, convenient financial management tools and access to products from leading global financial institutions, we hope to unlock the tremendous potential in financial services in the region in ways that serve all Southeast Asians,” said Reuben Lai, senior managing director.

Massive funding

In February, Grab raised a $700 million investment from Mitsubishi UFJ Financial Group (NYSE: MUFG), Japan’s biggest bank. The two companies planned to tie up to offer new smartphone-based apps to offer services such as lending and insurance.

On Tuesday, the fintech startup snagged another $200 million from Seoul-based private equity firm Stic Investments, Bloomberg reported.

Crunchbase says the company has raised over $10 billion to date.

Related Story:     Singapore’s Grab To Get $700M Investment From Mitsubishi UFG-Reports                                             

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