Grab rolls out a series of consumer financial services

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.