Grab has announced new strategy to expand its consumer services ecosystem with new financial products and services. including the first micro-investment solution, third-party loan platform and ‘buy-now-pay-later’ products for e-commerce websites.
Micro-investment solution, AutoInvest– offered by GrabInvest (S) Pte. Ltd.– that will be launched under a ‘Thrive with Grab’ strategy.
AutoInvest monies are invested in fixed-income funds offered by Fullerton Fund Management and UOB Asset Management. The invested sum can be withdrawn any time with no penalties and can also be used to spend on Grab services or at any merchant accepting the GrabPay Card.
The three main products GFG is launching under ‘Thrive with AutoInvest, a micro-investment solution that allows users to invest small sums of money while spending in Grab’s ecosystem; consumer loans via our third-party loan platform that allows users seamless access to loans from credible partners; and buy-now-pay-later payment plans for select e-commerce websites, so users can manage their finances smartly.
Reuben Lai, Senior Managing Director, Grab Financial Group, said: “As a leading fintech company in Southeast Asia, our ‘Thrive with Grab’ strategy will enable users to build their wealth, manage their finances and protect what they value during this uncertain period. 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.”
Chandrima Das, Head of Wealth, Grab Financial Group, said: “We are excited to launch AutoInvest, the first-of-its-kind micro-investment solution in Singapore that allows users to ‘invest as they spend’. AutoInvest is our commitment to bring value to our consumers and partners with innovative, accessible and easy-to-understand investment solutions. As we build out our wealth management offerings under GFG’s ‘Thrive with Grab’ strategy, we aim to better provide millions across SEA with the opportunity to invest in financial products traditionally limited to affluent individuals and institutional investors.”
AutoInvest, allows Singapore users to “invest as they spend” with their everyday Grab transactions. With AutoInvest, Singapore users 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 sets GrabPay apart from other e-wallets by allowing users to invest their wallet balance easily. The invested sum can then be withdrawn at any time, with no penalties, to spend on Grab services or at any merchant accepting the GrabPay Card.
