On-demand transportation and mobile payments provider Grab has launched Grab Financial, which will serve as its fintech platform.
In a move that the Singapore-based Grab says transforms it into a more complete financial services provider, the launch of Grab Financial will provide customers payment, rewards and loyalty services as well as insurance and financing to consumers, micro merchants and small businesses.
Grab Financial stems from two new partnerships for the company. Credit Saison, a Japanese consumer financing company, will work with Grab to provide loans to its customers. Property and casualty insurance company Chubb will offer policies to Grab customers and drivers. Using the Grab app, drivers will be able to choose from various policies to protect their vehicles and families from the loss of income.
“At Grab, driver welfare is at the heart of our vision of improving the lives of people in Southeast Asia," Jason Thompson, managing director of GrabPay in Southeast Asia, said in a Tuesday press release. "We want to ensure our driver-partners’ hard work pays off and that their income and livelihoods are protected," Thompson added.
Since late last year, Grab has expanded its services beyond the ride-share program, concentrating on making GrabPay a common mobile payment method at marketplaces, restaurants and small shops in Singapore.