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.
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