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May 24, 2022

Grab combines digital payments, insurance and lending under new brand

Singaporean fintech Grab has debuted a new brand, called GrabFin, for its digital payments, insurance, lending and wealth management offerings.

The new brand also includes a newly launched investment product, dubbed Earn+, for Grab users in Singapore.

Grab said that the launch is in response to consumer preference to access all their digital financial services on one integrated platform, as indicated in a recent survey.

With GrabFin, the Grab users will benefit from a single entry point for payment, investment and insurance services on the Grab app.

The new brand is also said to underline the firm’s commitment to empowering Southeast Asia with greater financial access.

GrabFin head Kell Lim said: “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.

“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.”

GrabFin will be initially rolled out in Singapore and Malaysia with plans for a progressive launch in other Southeast Asian markets in the coming months.

Claimed to be a low-risk investment product with a projected yield of 2%-2.5% per annum, Grab’s Earn+ allows users to start with a minimum investment of $1. It has no maximum investment limit or lock-in period.

The users will be also able to withdraw funds to their GrabPay wallets instantly or transfer the funds to their bank accounts, without penalties or early withdrawal charges.

Earn+ invests in low-risk and well-diversified mutual funds managed by UOB Asset Management and Fullerton Fund Management.

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