Grab expands finance business with consumer loans services, wealth management

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By Anshuman Daga



FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore


© Reuters/Anshuman Daga
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore

SINGAPORE (Reuters) – Grab, Southeast Asia’s biggest ridehailing firm, deepened its finance sector push on Tuesday by announcing that it will offer consumer loans services in Singapore and roll-out wealth management products in the fast-growing but crowded sector.

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Backed by heavyweight investors including SoftBank Group Corp, Grab has already sunk its roots into financial services, food delivery and mobile payments over the last few years, even before the coronavirus pandemic hurt its mainstay ridehailing business.

It raised about $850 million in February from Mitsubishi UFJ Financial Group Inc and other investors for expanding its financial services and applied for an online Singapore banking licence together with Singapore Telecommunications Ltd.

“Consumer loans would be offered by our partner banks via a platform provided by us on the Grab app,” Reuben Lai, senior managing director at Grab’s financial business, told a news briefing.

Starting in Singapore later this year, before expanding to Malaysia and other countries, Grab’s third-party consumer loans will typically be disbursed within two to four days after being approved, the company said.

Grab already offers working capital loans from its balance sheet to small and medium-sized enterprises in four countries.

Southeast Asia’s most valuable startup with an estimated valuation of $14 billion announced a 5% reduction in staff numbers in June as it cut costs amid slower growth due to the pandemic.

The eight-year-old firm, which has access to e-money licenses in six major economies of Southeast Asia, says its app has seen 187 million mobile downloads.

Grab, which acquired a robo-advisory start-up in February, also said it will launch an investment service that allows users to invest small sums of money while spending on Grab’s various services.

It has partnered with Singapore’s Fullerton Fund Management and UOB Asset Management to offer access to fixed income funds.

(Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman)

Gallery: How long it took 11 of the world’s richest people to become billionaires (Business Insider)

Warren Buffett wearing a suit and tie: UK-based sports betting firm OLBG found that it takes the average self-made billionaire 21 years to join the three comma club after starting out, but some entrepreneurs get rich faster than others.eBay founder Pierre Omidyar became a billionaire faster than anyone else on the Forbes Billionaires List.Warren Buffett's investing acumen may be highly praised, but it took a long time to make him a billionaire.Visit Business Insider's homepage for more stories.Some entrepreneurs dream up businesses that make them into billionaires virtually overnight while others work for decades to join the three comma club.It takes the average billionaire 21 years to make their first billion, according to an analysis of the Forbes' 2020 Billionaires List by British sports betting firm OLBG. Some, like Facebook CEO Mark Zuckerberg, do it much faster while others, such as Zara billionaire Amancio Ortega, take a bit longer to amass their massive fortunes.No one on the 2020 Billionaires List was inducted into the three comma club faster than eBay founder Pierre Omidyar, however, who made a billion dollars in just three years after founding the online auction house.Keep reading to see how long it took some of the richest people in the world to make their first billion, listed in order of slowest to fastest time to billionaire status.Note: This ranking only includes self-made billionaires in the order they appeared on Forbes' 2020 Billionaires List as it was originally published in March, so those who inherited their fortunes, like the Waltons of Wal-Mart, have been excluded. OLBG determined how long each individual took to become a billionaire by subtracting the year they founded their primary business from the year Forbes declared them a billionaire.Read the original article on Business Insider

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