Grab, Mastercard to make financial inclusion push in SEA

Grab, which plans to go public via a merger with Altimeter Growth by the end of this year, said it has partnered with payments firm Mastercard to advance digital and financial inclusion in Southeast Asia.

Photo credit: Grab

The deal will provide informal workers and small businesses on Grab with access to digital upskilling opportunities for increased income creation.

Under the partnership, Mastercard and Grab will provide three training programs – small business training, driver entrepreneurship training, and driver financial literacy training – targeted at Grab’s driver, delivery, and merchant partners. These programs will be rolled out across the region from the fourth quarter of 2021.

“Southeast Asia is at an economic turning point. For growth across much of the region to be truly inclusive, it’s important to proactively ensure that the private sector is helping to upskill people from all walks of life,” said Rama Sridhar, executive vice president for digital and emerging partnerships and new payment flows for the Asia-Pacific region at Mastercard.

See also: Why does the GrabPay-Stripe partnership matter?

Grab’s partners can access the training programs for free through the platform’s driver and merchant apps.

In addition, Mastercard will extend its business mentorship program to Grab’s driver partners and merchant partners. The driver partners, along with their family members, will also get access to Mastercard’s cybersecurity certification program as part of the deal.

Mastercard has also joined Grab’s recently established Tech for Good Institute as an advisory board member. The institute seeks to work with the public and private sectors to develop tech that supports the region’s growth and development.