Connect with us

ASEAN

Grab creates finance and payments revolution in Southeast Asia

Maya Taylor

Published 

 on 

Grab creates finance and payments revolution in Southeast Asia | The Thaiger
  • follow us in feedly

PHOTO: Grab.com

While Southeast Asia’s economy shows huge potential for growth, around 73% of the population still doesn’t have a bank account, severely limiting the upward mobility of both individuals and organisations.

Enter Grab, the ride-hailing app, which is introducing a range of financial services in Singapore, including micro-insurance for small to medium sized companies, and post-paid products.

Instead of charging high annual premiums, the organisation’s micro-insurance plan offers people a chance to pay towards their premium every time they take a ride using the Grab app.

The organisation is working in conjunction with financial institutions such as Indonesian digital wallet Ovo, US insurance company Chubb, and Japanese financial services firm Credit Saison.

In addition to micro-insurance, it offers loans to growing organisations to help them manage cash-flow issues and grow their operations.

Singaporean fashion brand, Flesh Imp, has now expanded to China, thanks to a working capital loan from Grab.

And such loans are not restricted to companies, but are also available to individuals. Indonesian GrabBike partner Rudianto is one of them.

He used to work in construction and didn’t even own a smartphone prior to joining Grab. A micro-loan from the company meant he could buy a second motorbike, save money to build his mother a house, and eventually became the owner of a chicken farm.

In 2017, Grab acquired the Indonesian payments platform Kudo, meaning it can now reach Indonesia’s rural population through local businesses knowns as warungs, providing them with access to online transactions.

With governments across Southeast Asia now investing heavily in technology, there is obvious potential for Grab’s model to be replicated across the region.

SOURCE: Techinasia.com

 

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.

A seasoned writer, with a degree in Creative Writing. Over ten years' experience in producing blog and magazine articles, news reports and website content.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ASEAN

PM proposes limited regional travel at Asean summit

Jack Burton

Published

on

PM proposes limited regional travel at Asean summit | The Thaiger
PHOTO: NNT

The Covid-19 crisis has severely restricted international air travel, but that didn’t stop a summit of Asean nations yesterday hosted by Vietnam and held by teleconference. PM Prayut Chan-o-cha called on fellow Asean members to begin discussion about reopening certain limited lines of interregional travel, to begin the recovery from the pandemic’s impact on the regional economy. No specific time was mentioned around when such discussions would take place, but it was a significant first step to begin deeper discussions, as many Asean nations now have low to no active cases of Covid-19. There are some notable exceptions, such as […]

Continue Reading

Coronavirus (Covid-19)

Thailand’s eastern economic zone lobbies for increase in foreign business visitors

Maya Taylor

Published

on

Thailand’s eastern economic zone lobbies for increase in foreign business visitors | The Thaiger
PHOTO: Hunters Race on Unsplash

Thailand’s Eastern Economic Corridor is pushing for more foreign business people to be allowed to enter Thailand when the country reopens for international visitors. No date has yet been confirmed for this. The EEC is a special economic region consisting of the eastern provinces of Chonburi, Chachoengsao, and Rayong, with the purpose of developing these provinces into an important ASEAN economic zone. The EEC is lobbying the government’s Covid-19 task force to allow more foreign businesspeople to visit the eastern provinces, on condition they fulfill strict criteria for entry into Thailand. These include being tested for Covid-19, both in their […]

Continue Reading

Coronavirus (Covid-19)

Thailand scores highest for mask-wearing in survey of ASEAN nations

Maya Taylor

Published

on

Thailand scores highest for mask-wearing in survey of ASEAN nations | The Thaiger
PHOTO: Thailand Medical News

A survey carried out by internet-based market research firm YouGov reveals that Thais are the most likely to wear face masks and to use hand sanitiser. Khaosod English reports that the survey examined the habits of citizens from 6 ASEAN member-states and found that 95% of Thais always wear a face mask in public. (It’s currently still law to wear a face-mask in public as part of the emergency decree) Vietnamese citizens were a close second at 94%, followed by the Philippines (93%), Malaysia (89%), and Indonesia (87%). Singapore came in last with just 66% of people saying they always […]

Continue Reading
Follow The Thaiger by email:

Trending