Ride-hailing giant Grab is rolling out several financial services products across Southeast Asia:
Uber's SEA business last year, is in a tug of war with regional rival Go-Jek to become the go-to app for SEA's 640 million consumers; the ride-hailing firm has earmarked financial services as a core pillar of its strategy for regional dominance.
Grab's been aggressively pursuing the financial services sector over the last year. The firm entered into a joint venture with Japanese financial services firm Credit Saison last year, as well as with Chinese digital-only insurerearlier this year.
The firm is also working on another pay later option. This would allow consumers to pay for purchases in installments, similar to point-of-sale credit offerings provided by the likes of Klarna in Europe and the US. Grab has also set a date for the launch of its insurance product venture with ZhongAn. The company has confirmed that its insurance marketplace effort will be rolled out in April and will sell insurance services from a variety of providers through its mobile app.
Grab's financial services push highlights how tech players are positioning themselves to capture huge market share in emerging economies. While the majority of SEA's over 600 million consumers are un- or underbanked — 73% of consumers lack a bank account,
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