Finance Breaking news Grab goes deeper into financial services last financial news
Breaking-Finance.Com - South East Asian super app Grab has further extended its remit into financial services with the launch of its first micro-investment service, third-party loan platform and ‘buy-now-pay-later’ products for e-commerce websites
Breaking-Finance.Com - South East Asian super app Grab has further extended its remit into financial services with the launch of its first micro-investment service, third-party loan platform and ‘buy-now-pay-later’ products for e-commerce websites Launched this month, AutoInvest enables users in Singapore to choose how much they want to invest per Grab transaction, from as low as $1, earning returns of an estimated 1.8 percent per annum, that can be cashed out directly to their GrabPay wallet. AutoInvest monies are directed to liquid fixed income funds offered by Fullerton Fund Management and UOB Asset Management. The invested sums can be withdrawn at any time, with no penalties, to spend on Grab services or at any merchant accepting the GrabPay Card.The launch follows the acquisition in February of robo-advisory firm Bento.Chandrima Das, head of wealth, Grab Financial Group, says: “AutoInvest is our commitment to bring value to our consumers and partners with innovative, accessible and easy-to-understand investment solutions.
.”On the credit side, Grab is also extending its consumer loan platform to third party providers, integrating with bank APIs to enable users to search for and apply for loans directly within the Grab app.The buy now, pay later module additionally lets users shop online and pay in interest-free instalments with leading furniture, beauty fashion retailers. Eligible users can choose to split their purchase into monthly instalments (PayLater Instalments), or defer their payment to the following month (PayLater Postpaid). The three new products follow on from the launch of Grab's dedicated financial service unit last year.Reuben Lai, senior MD, Grab Financial Group, says: “By offering innovative micro-transaction-based financial services, convenient financial management tools and access to products from leading global financial institutions, we hope to unlock the tremendous potential in financial services in the region in ways that serve all Southeast Asians.”
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