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Grab rolls out a series of consumer financial services

Tuesday 4 August 2020 12:23 CET | News

Grab has announced that its financial unit, which previously focused on services for entrepreneurs and small businesses, is launching a series of products for consumers.

According to TechCrunch, Grab’s new products include AutoInvest (a platform that allows consumers to invest small sums of money through Grab’s app), consumer loans, a ‘buy now, pay later’ programme, and expanded insurance offerings (including hospital insurance that will first launch in Indonesia).

Moreover, Grab’s micro-investment solution will be accessible through Grab’s digital wallet. The feature allows users to invest as little as SGD 1 at a time into liquid fixed-income funds managed by Fullerton Fund Management and UOB Asset Management, with the potential to earn returns of about 1.8%. The solution is planned to launch first in Singapore, at the beginning of September 2020.

Furthermore, Grab’s new consumer credit products include PayLater, which enables users to pay for Grab services at the end of each month. The offering will first be available in Singapore and Malaysia.

Besides, the company is offering consumer loans from third-party licensed banks and financial institutions with a user-friendly application process.

Overall, the programme benefits merchants, as it includes increased gross merchandise value, larger basket sizes, and lower cart abandonment rates, TechCrunch reported.

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Keywords: Grab, launch, consumer financial services, AutoInvest, buy now, pay later, insurance, Indonesia, micro-investment, digital wallet, ullerton Fund Management, UOB Asset Management, Singapore, PayLater, Singapore, Malaysia, third-party, merchants, cart abandonment rates
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce