KUALA LUMPUR – Grab Financial Group has launched GrabFin, which is a new brand for its digital payments, insurance, lending and wealth management offerings, after getting its digital banking licence from Bank Negara Malaysia recently.
GrabFin offers users a single-entry point to access payment, investment and insurance services on the Grab app, according to a statement today.
The brand will offer everyday financial services that are simple to activate with just a few clicks in-app; fractionalised so more people can access the services; and flexible to enable consumers to choose how they use the products with no lock-in period.
“Grab’s superapp platform, deep tech expertise and data-driven insights position us uniquely to drive financial inclusion across Southeast Asia. The GrabFin brand reinforces our promise to empower the six in 10 financially underserved in the region, by providing simple, accessible and flexible financial services in a single platform that they are familiar with and already access daily,” said Kell Jay Lim, head of GrabFin.
“With GrabFin, access to financial services will be as simple as ordering a ride on the Grab app. Our customised products offer consumers flexibility and GrabPay’s multi-layered security features let them transact with peace of mind.”
Following its launch in Singapore and Malaysia, the GrabFin brand will be progressively rolled-out in other Southeast Asian markets in the coming months.
On April 29, the central bank said three of the awarded applicants are licensed under the Financial Services Act 2013, while two others will be under the Islamic financial Services Act 2013.
The three under FSA are the consortiums of Boost Holdings Sdn Bhd and RHB Bank Bhd; GXS Banks Pte Ltd (Grab-Singtel) and Kuok Brothers Sdn Bhd; and Sea Ltd and YTL Digital Capital Sdn Bhd.
The two under Ifsa, meanwhile, are a consortium led by KAF Investment Bank Sdn Bhd and another consortium of Aeon Financial Service Co Ltd, Aeon Credit Service (M) Bhd and MoneyLion Inc. – The Vibes, May 23, 2022
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