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.
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.