Grab partners with Philippines’ biggest company to boost e-wallet adoption

Grab today announced that it’s partnering with SM Investments Corporation (SMIC), the largest company in the Philippines by market capitalization.

Owned by the country’s richest man Henry Sy, SMIC is engaged in a wide range of industries, including shopping malls, retail, real estate, banking, and tourism.

The tie-up expands the reach of Grab’s mobile wallet GrabPay by allowing users to pay for goods and services like groceries, cinema tickets, clothes and shoes, and other items from SM stores. SMIC has 70 malls and more than 2,200 stores in the Philippines.

Grab and SM Investments Corporation team up to expand GrabPay in the Philippines. (L-R) Grab Philippines head Brian Cu, GrabPay managing director for Singapore, Malaysia, and the Philippines Ooi Huey Tyng, SM Investments Corporation president and CEO Frederic DyBuncio, SM Engineering Design and Development Corp. president Hans Sy Jr., and SM Retail Assistant vice president Mara Sy Coson

GrabPay users will also be able to top up at SM-owned banks like Banco de Oro (BDO), which is the Philippines’ top bank by assets. BDO has 1,200 branches and over 4,200 ATMs nationwide.

The partnership will support the Philippine central bank’s goal of making 20 percent of the country’s transactions cashless by 2020.

This also completes Grab’s roster of tie-ups with banking institutions in six Southeast Asian countries: Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines.

A few weeks ago, Grab announced its partnership with Singapore-based United Overseas Bank (UOB). The latter will serve as the ride-hailing firm’s strategic credit card partner in other Southeast Asian countries.

The move is also meant to fend off Grab’s Indonesian rival Go-Jek, which also launched its regional expansion bid. Go-Jek has officially entered Singapore and struck a tie-up with the city-state’s DBS Bank.