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Southeast Asia’s Ride-Sharing Firm Grab to Offer Loans, Insurance

Grab, Southeast Asia’s biggest ride-hailing firm, announced the launch of its financial services platform called Grab Financial. The move comes as Singapore-based Grab, backed by SoftBank and China’s Didi Chuxing, is trying to finalize a deal with Uber to take over the U.S. firm’s Southeast Asia operations. Financial services are already a hot battleground for ride-sharing firms in the region. Grab and its Indonesian rival Go-Jek are both expanding their digital payment businesses. Grab Financial will offer a range of services including loans and insurance. Grab has signed an agreement with Japan’s Credit Saison to create a joint venture to provide lending services. To operate the insurance business, Grab has teamed up with property and casualty insurer Chubb.

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