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Hi readers,
When I think of Grab and GoTo, the phrase “super app” comes to mind. And when super apps battle it out in a new territory, you sit up and notice.
Both Grab and GoTo are well-known for their on-demand and ecommerce offerings. Now both are trying to write a fintech success story around the lending side of business.
If you look at them from afar, their fintech strategies look similar – just like the bright green jackets that Grab and Gojek riders wear. But come closer and you’ll see differences emerging, with the most contrasting being the “on-platform” and “open loop” approaches.
While Grab has been engaging customers within its ecosystem, GoTo has been reaching out to users both inside and outside its platform.
With the Southeast Asian lending market still budding with scope for several players to prosper, the winner will be the one with deep data pools to manage risks and keep non-performing loans at bay.
Since both super apps have access to huge databases, it’s going to be a gripping battle to become the first choice for digital lending for the millions of unbanked and underbanked Southeast Asians.
— Samreen Ahmad, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Are Grab’s and GoTo’s fintech strategies diverging?
While Grab is engaging customers within its ecosystem, GoTo has been onboarding users both inside and outside its platform.
2. Anatomy of a comeback: Can TikTok resurrect its ecommerce biz in Indonesia?
Questions around TikTok Shop’s prospects of returning to its largest market in Southeast Asia continue to abound.
3. Vietnam’s chip ambition cramped by talent shortage
Experts suggest focusing on lower-end segments that Vietnam can excel in.
4. Cake Group cuts staff by 30% amid rift between co-founders
One of the crypto firm’s co-founders is opposed to the layoffs.
By popular demand – RFM returns to HCMC!
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