Grow with Grab will help micro-entrepreneurs and SMEs scale in ASEAN

By Olivia Minnock
It made its name as a ride-hailing business that took Southeast Asia by storm, but since then Grab has expanded into payment solutions, and now it will...

It made its name as a ride-hailing business that took Southeast Asia by storm, but since then Grab has expanded into payment solutions, and now it will be launching a service for SME lending and microinsurance.

Singapore’s Grab Financial Group has announced that it will launch a ‘Grow with Grab’ roadmap which it says will help businesses to generate more earnings, expand and gain peace of mind.

The service will make SME lending and microinsurance available to grab users in Singapore. Services offered will include micro-insurance products, post-paid and instalment payment services and an online check-out payment method for online sellers.

SEE ALSO:

 

The news broke at Money20/20 Asia in Singapore this week, where a key theme was how fintech can fill gaps not currently taken care of by traditional banks, especially helping SMEs and removing pain points from entrepreneurs as they grow their businesses.

Reuben Li, Senior Managing Director at Grab Financial Group, commented: “This is a huge untapped opportunity for Grab Financial to support the region’s entrepreneurs who are less able to access traditional financial institutions.”

Citing that SMEs currently contribute to more than 50% of the GDP of ASEAN as a region, he added: “We can leverage our scale and data insights to bring financial services products to market at a more competitive price point than anyone else.”

 

Photo credit: Money20/20. 

Share

Featured Articles

Five New Trends Driven by Uncertainty in Cryptocurrency

As the markets show signs of recovery from the recent cryptocurrency crash, we look at five new trends emerging from the crisis

Meta makes 2nd attempt at virtual currency with ‘Zuck Bucks'

Arthur Caplin, solicitor and specialist in tech and crypto regulatory matters at law firm BLM, discusses Meta’s latest venture into cryptocurrency.

What Technologies are Driving the Digital Wallet Trend?

The advance of technology is providing us with new ways to pay. So what are digital wallets, how do they work and what will their future look like?

Is the US$10bn Decacorn the new Unicorn for Fintechs?

Financial Services (FinServ)

Five Emerging Fintech Hubs to Watch in 2022

Financial Services (FinServ)

Why are Banks and Fintechs Entering the Metaverse?

Crypto