Grab Financial Group has officially launched the new GrabFin branding that generally represents its fintech offerings. Some users may have noticed through a recent update for their Grab app that the “Payment” tab has now changed to “Finance”, consolidating all the platform’s financial services.
The new branding comes hot on the trails of Grab recently becoming one of the five entities that managed to obtain the digital bank license from Bank Negara Malaysia (BNM). The company applied for the licence by establishing a consortium that includes its joint venture with Singtel, the GXS Bank Pte Ltd together with Kuok Brothers Sdn Bhd.
For now, there’s nothing new about the Finance tab as it still offers the Travel Cover daily travel insurance, the daily insurance for Grab Drivers, and the Grab Cash Financing-i scheme for drivers. However, given that the consortium now has a digital bank license, it’s not far fetched to assume that Grab will be offering investment and banking products in the future. The company has even teased that GrabFin will offer “everyday financial services” that are flexible with no lock-in period.
Grab has also just launched a new financial product called Earn+ that is exclusively available for customers in Singapore. The feature is quite similar to Touch n’ Go’s Go+, which lets users invest their cash with a low minimum amount and get a modest return on their deposit. Unfortunately, the tech giant has not said anything on whether Earn+ will be expanded to other countries in the near future.
The GrabFin branding is currently being rolled out to users in Singapore and Malaysia while it will be expanded to other Southeast Asian markets in the second half of this year.
(Source: Grab.)
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