Southeast Asian fintech platform Grab Financial Group (GFG), the financial arm of Grab Holdings, declared on Monday (May 23) that it will launch a new brand – GrabFin – for its digital payments, insurance, lending, and wealth management offerings, as well as a new investment product Earn+ for Singapore-based Grab users.
The group is bringing together the entirety of its financial services products under GrabFin, the new parent brand for every one of Grab’s financial services outside of the digital banks, the organization said in a media briefing Monday (23 May). Together GrabFin and digital banks will make up GFG.
Grab Financial Group has officially launched the new GrabFin branding that generally represents its fintech offerings. A few users might have seen through a new update for their Grab app that the “Payment” tab has now changed to “Finance”, solidifying every one of the platform’s financial services.
The new branding comes hot on the trails of Grab recently becoming one of the five entities that managed to acquire the digital bank license from Bank Negara Malaysia (BNM). The organization applied for the license by establishing a consortium that incorporates its joint venture with Singtel, the GXS Bank Pte Ltd with Kuok Brothers Sdn Bhd.
GrabFin offers to Grab users a “single entry point” to payment, investment, and insurance services on its app, said the ride-hailing giant in a media release.
“GrabFin also represents Grab’s commitment to empowering Southeast Asia with greater financial access,” it added.
The release likewise said that the brand will offer everyday financial services that are easy to activate, which are “fractionalised” so that more individuals can access them, and adaptable to permit shoppers to pick how they use the products with no lock-in period.
Head of GrabFin Kell Jay Lim said that access will be pretty much as basic as ordering a ride on the Grab app.
“Our customized products offer consumers flexibility and GrabPay’s multi-layered security features let them transact with peace of mind,” he said.
Following GrabFin’s launch in Singapore and Malaysia, the brand will be continuously carried out in other Southeast Asian markets in the coming months.
For Grab clients in Singapore and Malaysia who have updated to the latest Grab app toward the finish of May, they will actually want to use GrabFin on their apps, as per the organization’s website.
For now, there is nothing new about the Finance tab as it actually offers the Travel Cover daily travel insurance, the daily insurance for Grab Drivers, and the Grab Cash Financing-i scheme for drivers. Nonetheless, considering that the consortium presently has a digital bank license, it’s not far-fetched to expect that Grab will offer investment and banking products in the future. The organization has even teased that GrabFin will offer “everyday financial services” that are adaptable with no lock-in period.
NEW INVESTMENT PRODUCT FOR SINGAPORE-BASED USERS
GrabFin is likewise presenting a new investment product, Earn+, which will be rolled out to all users in Singapore before the week’s end.
Get has likewise recently launched a new financial product called Earn+ that is exclusively available for customers in Singapore. The feature is quite similar to Touch n’ Go’s Go+, which allows users invest their money with a low minimum amount and get a modest return on their deposit. Tragically, the tech giant has not said anything on whether Earn+ will be extended to different countries soon.
Charged as a “low-risk investment product”, Grab said that it has a projected yield of 2% to 2.5 percent per annum with “better potential returns than most savings accounts when held over the short-to-medium term”.
Earn+ users can begin with a minimum investment of S$1, with no maximum investment limit or lock-in period. They can likewise withdraw funds to their GrabPay wallets instantly, or transfer the funds to their bank accounts whenever without causing any penalties or early withdrawal charges.
“Earn+ provides our users with access to low-risk, investment-grade bond portfolios, which were previously only available to institutional investors,” said head of GrabFin Singapore Wenbin Wong.
“In today’s volatile environment, it can be a good complement to our users’ investment portfolio as a low-risk investment option.”
As per the release, Earn+ invests in “low-risk and well-diversified” mutual funds managed by Fullerton Fund Management and UOB Asset Management and is available to all users aged 18 and above.
Grab users can access to Earn+ by tapping on the “Invest” icon on the Grab app home page, selecting “Earn+” and selecting “Explore more” to learn more about the product.
Earn+ is as of now available to certain users via the Grab app and will be carried out to the rest of Singapore users before the week’s over.
Following its launch in Singapore and Malaysia, GrabFin will be progressively carried out in other Southeast Asian markets in the coming months.
GFG has presented the following products targeted to customers, drivers and delivery partners in the last few years:
Travel Cover: A daily travel insurance that likewise incorporates a coverage for Covid;
Grab Daily Insurance: The daily insurance for e-hailing drivers, by which they just subscribe for the days they are driving; and
Grab Cash Financing-I: A Shariah-compliant financing product for driver and delivery partners in Malaysia.
The GrabFin branding is at present being rolled out to users in Singapore and Malaysia while it will be extended to other Southeast Asian markets in the second half of this year.
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