Grab to offer consumer loans and wealth management in Singapore

SINGAPORE (Reuters) – Grab, Southeast Asia’s biggest ride-hailing firm, deepened its finance sector push on Tuesday by announcing that it will offer consumer loans services in Singapore and roll-out wealth management products in the fast-growing but crowded sector. Backed by heavyweight investors including SoftBank Group Corp, Grab has already sunk its roots into financial services, food delivery and mobile payments over the last few years, even before the coronavirus pandemic hurt its mainstay ridehailing business. Starting in Singapore later this year, before expanding to Malaysia and other countries, Grab’s third-party consumer loans will typically be disbursed within two to four days after being approved, the company said. Grab already offers working capital loans from its balance sheet to small and medium-sized enterprises in four countries. It has partnered with Singapore’s Fullerton Fund Management and UOB Asset Management to offer access to fixed income funds.

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