Ride-hailing app Grab has collaborated with Thailand’s Kasikornbank (KBank) to launch the GrabPay Thailand by KBank mobile wallet.

Expected to be rolled out early next year, the new wallet will enable users to make payments for travel and delivery services, fund transfers, and online purchases.

The service will also enable Grab users to make QR-code payments at Thailand’s restaurants and shops.

QR-enabled merchants in Thailand can accept the wallet through the country’s national  e-payments system PromptPay.

Grab Financial senior managing director Reuben Lai said: “This partnership makes Grab Financial the first mobile payments platform to launch e-money-licensed payments services across ASEAN-6 and underlines the strength of our partnership-based strategy.”

KBank also invested $50m in Grab, as part of Grab’s ongoing fundraising round. The funding round also involved the participation of Toyota Motor, Microsoft, Booking Holdings and Hyundai Motor Group.

Additionally, features from KBank’s K PLUS app and the Grab app will be integrated next year.

KBank president Patchara Samalapa said: “KASIKORNBANK has bold ambitions of becoming the digital bank of choice in the region.

“We look forward to developing innovative financial products together, which will put KBank in a position to tap into the rapidly growing digital economy across the region.”