Hoping to become the next big financial service in southeast Asia, Grab is planning to help entrepreneurs and enterprises with financing their business endeavors. Most know Grab as the main ride-sharing company is southeast Asia, and now Grab wants to expand from their previous platform by helping out other businesses. Going by the name Grab Financial Group, their financial services are working on a few products and services that will be used in Singapore in the following weeks.
The first service Grab has implemented is an online check-out service, most comparable to Venmo or PayPal, that allows users to pay with a mobile wallet called GrabPay. Grab has already launched this service on Tuesday and teamed up with Q0010 and 11Street, Singapore and Malaysia’s largest e-commerce platform, to ensure the service is a success. They hope GrabPay will become the new standard for cashless payments made either in person or online and plans to integrate it within stores like Coffee Bean and Paris Baguette.
Singapore will soon see another service from Grab called Pay Later in which customers can accumulate Grab expenses over a month’s time and at the end of the month pay them all off with zero interest. This service will be available for active Grab app users with good credit scores. However, if users fail to pay their loans there will be penalties.
For microentrepreneurs, Mr. Reuben Lai, senior managing director of Grab Financial Group, has claimed that they are doubling down on their financial services with Grow with Grab. Grab hopes to help entrepreneurs with financing as they know many of the region’s entrepreneurs have trouble accessing funds from traditional financial institutions. Today, Grab has helped more than 9 million entrepreneurs since 2013 and they plan to increase that number as they bring their financial services to entrepreneurs that need it to create amazing new products and services. Grab is looking to make a huge impact on the world by creating new service apps for their customer and helping other inventors get their own idea into the market.