Grab

Ride-sharing apps always seem to be racing to be something else — or at least something more — especially given the coronavirus pandemic's impact on travel. With a banking license in Singapore, Grab can add fuel to the strategy.

Ant Group Co. and a venture led by Grab Holdings Ltd. won licenses to run digital banks in Singapore, paving the way for the technology giants to expand their financial services in the Southeast Asian hub.

Alibaba Group Holding Ltd. is in talks to invest $3 billion in Southeast Asian ride-hailing giant Grab Holdings Inc., according to people familiar with the matter.

Digital financial technology provider Wirecard AG is partnering with Grab to process transactions from the GrabPay e-wallet in Malaysia, the Philippines and Singapore.

Grab Holdings Inc. closed offices in Singapore and Thailand for five days of cleaning after a Singapore-based employee, who previously visited the Bangkok office, tested positive for the coronavirus.

In today’s high-tech world, it’s difficult for entrepreneurs to create a sweeping new platform when there is always a specialist somewhere who can deliver niche products faster, better and cheaper than the generalist. That’s what makes Southeast Asia’s Grab so unique.

Ant Financial's success is instructive in the way it developed products that reach many different areas of their finances. And it's hardly the only success story to come out of the Asia Pacific Region, says Rapyd's Eric Rosenthal.

Rapid-fire acquisitions, partnerships and investments in the likes of Uber, Lyft and Grab are transforming these ride-sharing providers. And much of this activity is built on their ability to handle payments seamlessly as part of the experience.

Banks are rightly focused on PSD2 as an international gateway for fintechs to disrupt banking, though potential deregulation in Singapore can give digital payment companies another route to take share directly away from banks.

Singapore ride-hailing giant Grab held talks to acquire payments provider 2C2P Pte and was turned down, according to people familiar with the matter, a sign of the ambitions Southeast Asia’s most valuable startup has in financial services.