Grab loses digibank head as fintech plans accelerate

Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.

Hello readers,

To lose a captain or a second mate while sailing into the eye of a storm is far from convenient, even for the mightiest of ships. Now, Grab finds itself in a similar situation as a key executive spearheading the tech giant’s digibank efforts has called time on his seven-year stint, just as the firm is accelerating its fintech ambitions.

After the ride-hailing and food delivery titan – through a consortium with Singtel – launched GXS Bank in Singapore earlier this year, it made its financial arm, GrabFin, the star of its first investor day in September, hoping to appease jittery shareholders over its plummeting valuation on the public markets.

With plans to roll out its digibank in Malaysia and Indonesia next year, Grab’s increased emphasis on its financial services is on full display as it hopes to achieve its goal of breaking even by the second half of 2024.

However, Reuben Lai, senior managing director of Grab Financial Group (Digibank), will no longer be part of the ride after announcing that he will be stepping down from his post later this month.

Today we look at:

• Grab’s latest high-profile executive exit
• Founders joining hands to form a new Indonesia-focused angel investment network
• Other newsy highlights such as Blibli’s first day on the public markets and Speedoc’s massive funding round

— Shravanth

P.S.: If you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.

Premium summary

Time to say goodbye

Image credit: Timmy Loen

There has been no one reason why a host of fintech executives have exited Grab this year. Some left as part of the Southeast Asian firm’s restructuring efforts and others sought opportunities elsewhere. Now, Reuben Lai, another key fintech executive at the firm, is ending his near-decade association with the company on November 22.

• Not the first: Lai’s departure follows several executive exits from Grab’s fintech business this year. These include Ankur Mehrotra, who served as managing director of Grab Financial prior to joining Indonesia-based lending platform Julo, as well as Chris Yeo and Jeffrey Goh, who both also recently left GrabFin.
• Going in the resume: Lai has been with Grab since 2015, when he served as chief of staff to the group CEO’s Office. Before the firm’s digibank, GXS, was established, Lai was also the head of financial services for Grab Financial.
• For mother Earth?: While Lai made no specific mention of his future career plans in an internal email, he did hint where his interests could lie. According to the executive, he learned to leverage technology to solve problems for humanity at Grab and that “there are indeed many problems, including the biggest risk (and opportunity) facing humanity now – climate change.”

Angels, assemble!

Melbourne’s healthtech strategy is opening doors

Quick bytes