Grab Financial Group (GFG) will launch a new brand combining its payments and financial services into a new brand called GrabFin.
The company mentioned in a statement that GrabFin offers users a single entry point to access payments, lending, investment, and insurance on the Grab application.
GrabFin will launch in Singapore and Malaysia first and then progressively to other Southeast Asian countries in the coming months.
This comes as Grab recently obtained the digital bank license under the consortium of its joint venture with Singtel, GXS Bank Pte Ltd; and Kuok Brothers Sdn Bhd from Bank Negara Malaysia (BNM).
Head of GrabFin, Kell Jay Lim said that GrabFin targets the financially underserved by providing flexible financial services on a single integrated platform.
Lim also mentioned that access to financial services with GrabFin will be as simple as "ordering a ride" on the Grab application.
Alongside GrabFin, a new financial product called Earn+ has been launched exclusively for users in Singapore.
The offering is a low-risk investment product which has no maximum investment limit or lock-in period, offers potential, non-guaranteed returns of 2% to 2.5% per year.
Earn+ invests in selected short-term bond funds managed by Fullerton Fund Management and UOB Asset Management Ltd, and is only available to users over 18 years old.
