Financial technology boosted momentum last month, when Grab signed a contract with Japan’s Credit Saison to found Grab Financial Services.
Speaking after Uber officially ceded the Southeast Asian market to Grab, Anthony Tan, CEO and co-founder of Grab, admitted that winning is not easy.
Dara Khosrowshahi, CEO of Uber, has revealed that the number of shares transferred is estimated to be worth several billion dollars. However, Mr. Tan does not want to waste time on the% numbers.
He’s aiming for a bigger problem in Southeast Asia, which is a lot of people who don’t have a bank account. For Uber’s old model of card payments, this is a real concern.
Since a $ 2 billion capital increase run by Softbank and Didi Chuxing, China’s leading ride-hailing app, invested in July last year, Grab has quickly connected millions of customers in area with financial services. GrabPay e-wallet was launched across Southeast Asia in November last year.
Financial technology boosted momentum last month, when Grab signed a contract with Japan’s Credit Saison to found Grab Financial Services. On the same day, Grab announced a partnership with major insurer Chubb on in-app insurance solutions.
Grab could face even more formidable challenges than Uber’s in the race against other companies. GoJek, Indonesia’s leading ride-hailing app is also investing in fintech, aiming to win huge profits from people who don’t have a bank account.
Alibaba’s Ant Financial has announced plans to expand its market in Southeast Asia. But Tan chose to ally, rather than defeat his opponents.
Mr. Tan emphasized that at present, Grab is the leader in the domestic transportation sector. GrabPay’s continued expansion will bring Grab Financial to the entire region.
Grab executives hope that by reinforcing their position in a key market like Indonesia, Grab will easily attract customers to use financial services through cross-promotion.
* Source: Investment bridge