Grab to offer loans, insurance with new fintech platform Grab Financial
Grab to offer loans, insurance with new fintech platform Grab Financial
13 March, 2018, 22:41
Singapore-based Grab has launched a new fintech platform that offers loans and insurance, starting with its driver-partners and "middle economy" business owners.
The lending service will be part of the newly announced Grab Financial, a platform which wraps all of its financial technology (fintech) offerings - payments services, rewards and loyalty programmes, financial services and agent services.
It is also interesting to note that through this joint venture with Grab to form Grab Financial, Credit Saison is further establishing itself as a strong player in the fintech space in Southeast Asia. Grab has said that the platform is now to be focussed exclusively on the company's business customers - chiefly its various drivers - but there may be a general consumer-focused version sometime in the future.
Grab's new venture will offer credit scoring services to financial firms who can use the information for services such as virtual credit cards.
Today, the Grab app has been downloaded onto over 86 million mobile devices, offering private vehicle, motorbike, taxi, and carpooling services, as well as on-demand food and delivery services across 191 cities in 8 countries in Southeast Asia.
With over a billion transactions made via Grab annually, the company's datasets are expected to provide a sophisticated, alternative resource for measuring credit ratings.
"By analysing behaviour from the app, such as transport movements, geo-location, and GrabPay transaction data, the company can offer alternative data points to assess credit worthiness, filling the gap left by traditional credit scoring methods".
In the early stages, the JV will focus on providing products to meet the needs of Grab drivers, agents and merchants, such as working capital loans, financing for smartphones and durable goods, as well as consumer goods financing.
Thompson declined to provide financial details of the venture with Credit Saison.
Jason Thompson, MD of GrabPay SEA.
These financial services will fall under a new dedicated unit created by the rideshare, called Grab Financial Services Asia. "This partnership opens up so many possibilities for Credit Saison, for Grab, and most importantly Southeast Asia's unbanked and underbanked, and we are excited to get started". "We've launched a joint venture together".
Grab has partnered with Credit Saison, a Japan-based lending firm that is likely the country's biggest lender, with a worth of $3 billion and around 70 million credit cards in circulation.
Now, in the latest such expansion, the company has announced Grab Financial, a consolidation of existing and new financial services that will see it expand into the lending and insurance businesses for the first time.
Grab Financial will offer insurance options to its 2.6 million driver-partners, underwritten by Chubb.
It aims to leverage Grab's network of millions of consumers and small businesses as well as data on consumer behavior, then marry it with Credit Saison's expertise in credit analysis and consumer lending.
Nigeria's militant Islamist group Boko Haram is fighting to overthrow the government and create an Islamic state. Receiving the American Secretary of State, Rex Tillerson , at State House, Abuja , Monday, Mr.
By 8am it had crashed, redirecting customers to a page that says "Service unavailable" when they click the "Buy now" button. There will be a £12 minimum on tickets between 4.30am and 10am, excluding weekends and public holidays.
And finally, "I fucked up". "To hear him say that he was disappointed in me probably changed the course of my life", LaBeouf says. LaBeouf was arrested in Savannah for public drunkenness, disorderly conduct and obstruction. "McEnroe was a master at his rage".
Product ID number B00LRK8EVO, B00LRK8HJ8, B00LRK8I7O, B00LRK8IV0, B00LRK8JDC or B00ZQ4JQAA is printed on the back of the unit. Amazon is sending out emails to those who have purchased the power banks, recommending they immediately stop using them.
To accommodate production, Müller said the company will adapt nine production sites to handle electric-vehicle production. The Volkswagen Group says that it has the financial resources for the transformation.
Offering a dark theme on YouTube also makes sense from an aesthetic perspective because it gives the app a more cinematic feel. If you're a regular YouTube viewer, you've probably already heard of the platform's "Dark Mode" functionality.
According to Iraqi law, the annual budget must be approved by the Iraqi presidency following the parliamentary approval. This hit the Kurdistan Region's economy, with a decrease in tourism and travel affecting local businesses.
Manchester United midfielder Jesse Lingard has revealed how Marcus Rashford has handled being out of the team this season. After a goalless first leg three weeks ago, Lingard acknowledged that his side face a tough task in Spain.
Only three players achieved the feat in fewer games: Wayne Gretzky (718), Mario Lemieux (719) and Brett Hull (900). After the game, Kuzy had the quote of the night when asked for his reaction of Alex Ovechkin's 600th career goal.
The Rolling Cash 5 jackpot for the next drawing is $110,000 for hitting all five numbers and the odds of winning are 1-in-575,757. The official Ohio Lottery site offers more information on instant tickets, raffles and other lottery games.
The decision was not unexpected, and came one day before Cruz is scheduled to be arraigned on 17 counts of first-degree murder. Cruz's case will be heard Wednesday before Broward Circuit Judge Elizabeth Scherer.
Sam Bradford is returning to the NFC West
Bradford makes a lot of sense as a bridge option for rookie coach Steve Wilks and an Arizona "D" that isn't far from contention. Quarterback Sam Bradford is set to sign for Arizona Cardinals in the free-agency signing period, according to reports.
US Deaths Tied to 'Ubiquitous but Insidious' Lead: 410K a Year
At the outset, the average level of lead found in the participants' blood was 2.7 µg/dL, but ranged from less than 1 to 56 µg/dL. After an average of 19.3 years, 4,422 people died including 1,801 from cardiovascular disease and 988 from heart disease.
Danny Amendola Expected To Leave Patriots, Sign With Dolphins
At age 32, Amendola put together the best three-game stretch of his career during the playoffs, catching 26 passes for 348 yards. A year ago was Amendola's best in a Patriots uniform with 61 catches for 659 yards and two touchdowns in the regular season.
Buhari denies assent to amended 2018 Electoral Act
Earlier in February, the Joint Committees of the National Assembly agreed on some of the amendments to the Electoral Act. The bill provides for the Presidential election to come last after National Assembly and Governorship elections.
Apple will reveal the next version of iOS on June 4
Apple has reportedly shelved many exciting features intended for iOS 12, including a home screen redesign and several app tweaks. WWDC 2018 will run from June 4 through June 8 and take place in San Jose, California for the second year in a row.
Andrew Norwell to sign with Jaguars
According to ESPN's Adam Schefter , Norwell will sign a five-year, $66.5 million contract with the Jacksonville Jaguars . Not only that, but the Jaguars did have the best rushing offense in the league last season.
U.S. stocks end mixed after February jobs data
Johnson Controls was up 1.6 percent after saying it would consider selling a business that makes batteries for vehicles. Over the year, average hourly earnings have increased by 68 cents, or 2.6 percent, lower than market expectations.
Last Fantasy 7 Remake: What We Know So Far
Redone from the ground up this new version of the first 3D Final Fantasy game will feature active combat and modernized graphics. We recently learned that Cloud, the protagonist of this installment, will retain his personality in this remake.