• Grab has issued 13 million insurance policies and 400,000 outstanding loans and financing solutions
• It is launching micro-investment in Singapore and expanding insurance to include hospital cash cover and ride cover in new markets
• It will offer third-party consumer loans through its app with the funding as well as credit decisioning by its banking partners

According to the World Bank, 29% of the adult population in East Asia and 30% in South Asia are unbanked. Another study by Bain &Company, Temasek and Google claims that almost 70% of adults in Southeast Asia are either underbanked or unbanked. Targeting the financial needs of these underbanked consumers while bringing synergies with its ride hailing and payments business, Grab Financial group (GFG) is expanding its financial portfolio.

Last year it added micro-lending, micro-insurance, post-paid and instalment payment services. It now claims to have over 60 financial institutions partners, 400,000 outstanding loans in Q1 2020 (along with OVO) across consumers, drivers and merchant partners and 13 million insurance policies issued regionally. It was also chosen as one of the three wallets in Malaysia to disburse government aid recently.

Its focus last year was on expanding the merchant ecosystem, now it has announced a slew of products that will drive its expansion into the consumer ecosystem through micro transactions.

“We want to establish a more wholesome ecosystem that addresses both consumers and merchants. We want to enable users to grow their wealth, businesses and manage their finances and protect what they value”, said Lai, Senior Managing Director, Grab Financial Group. He added that GFG’s key differentiators were being accessible through micro transactions, convenience and transparency.

These products include its first micro-investment solution ‘AutoInvest’ as well as third party consumer loans and buy-now-pay-lat...

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