Grab Financial Group, a unit of the Southeast Asian super app, will launch a new brand combining its payments and financial services.
Called GrabFin, the brand will serve as a single entry point for users to access digital payments, insurance, lending, and wealth management offerings on the Grab app.
Photo credit: Grab
GrabFin will first be launched in Singapore and Malaysia before rolling out in other Southeast Asian markets in the next few months. The integrated platform will simplify access to financial services and ensure multi-layered security features for transactions, said Kell Jay Lim, the head of GrabFin.
The new firm will now be the parent brand for all of Grab’s financial services outside of digital banks. As a result, Grab Financial Group will oversee two segments: GrabFin and digibanks.
Alongside GrabFin, the financial services unit also announced its new investment product Earn+ for Singapore-based Grab users. The offering, which has no maximum investment limit or lock-in period, has a projected yield of 2% to 2.5% per year.
See also: Grab’s financial health in 9 charts
“Earn+ provides our users with access to low-risk, investment-grade bond portfolios, which were previously only available to institutional investors,” said Wenbin Wong, head of GrabFin Singapore.
The announcement follows Grab reporting a 6% year-over-year growth in revenue for the first quarter of 2022. The startup also saw its adjusted EBITDA swing to a loss of US$287 million for the quarter, from US$111 million during the same period a year ago.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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