Grab Financial floats products under new strategy

These include a micro-investment solution and "buy-now-pay-later" plans.

Grab Financial Group (GFG) has rolled out new financial services under its “Thrive with Grab” strategy, according to a news release.

With AutoInvest, Singaporeans can choose how much they want to invest per Grab transaction from as low as $1 and earn returns of an estimated 1.8% per annum, that can be cashed out directly to their GrabPay wallet. The invested sum can then be withdrawn at any time, with no penalties, to spend on Grab services or at any merchant accepting the GrabPay Card.

AutoInvest monies are invested into high-quality, liquid fixed income funds offered by Fullerton Fund Management and UOB Asset Management. The solution charges a low all-inclusive fee, and will be available to eligible users in Singapore via the Invest tile managed by GrabInvest in the Grab app in early September.

GFG will also launch a third-party consumer loan platform starting in Singapore before expanding to Malaysia and other countries. Consumers will be able to discover personal loans offered by GFG’s licensed bank partners to service their everyday borrowing needs.

The platform will see bank partners and GFG integrate their APIs to enable users to access and securely apply for the loans directly within the Grab app.

GFG is also expanding its ‘buy-now-pay-later’ line of offerings by launching PayLater Instalments and PayLater Postpaid on select e-commerce sites in Singapore and Malaysia in October. This allows eligible users to better manage their cash flow by letting them shop online now and pay in interest-free instalments with furniture, beauty and fashion retailers.

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