SINGAPORE: Ride-creeping giant Grab announced on Thursday (November 8th) a strategic partnership with Thai lender Kasikornbank (KBank) to offer GrabPay and other financial services in Thailand at the beginning of next year.
The Grab application will be available by the beginning of 2019 for a joint mobile payment application called GrabPay to be obtained by KBank. The companies announced it in a joint press release.
Related articles point to the expansion of the Grab mobile wallet in the sixth country in South East Asia, as a Singaporean company is striving to evolve and become an important financial service provider in the region. The other countries are Singapore, Malaysia, Indonesia, Vietnam and the Philippines.
Kasikornbank also invests $ 50 million in Grab (about $ 69 million) in joining Toyota Motor and Hyundai Motor as Grab's supporters in the ongoing fundraising round.
"This partnership makes Grab Financial the first mobile payment platform to launch e-money licensed payment services across ASEAN-6 and emphasizes the strength of our partnership strategy," said Reuben Lai, senior executive of Grab Financial. Grab Financial is a Grab Financial Technology Platform (FinTech), created in March.
KBank President Patchara Samalapa said he would wait for Grab to develop "innovative financial products together" to attract the region's fast-growing digital economy.
Grab users will be able to pay for shipping and shipping services, transfer funds to other users, purchase products and services online and make QR Code payments at restaurants and shops across Thailand with the launch next year.
In addition to the safe deposit box, users will also be able to enjoy "solid services" when KBK's K Plus and Grab & # 39; s apps will be integrated next year.
Both companies will jointly offer products, such as loans to marketers and access to Grab for Business, to their customers to help improve the management of corporate transport costs, the press reported.
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Grab, which began six years ago as an insufficient regional recreation area, has since become dominant in South East Asia, as the merger began this year with US rival Uber.
In the last two years, it has expanded in the financial field, gaining business and developing partnerships to distribute its mobile safes.
In March, Grab Financial launched a joint venture with the Japanese credit card company Credit Saison to provide loans and loan services in the region. Separately, it impregnated a partnership with Chubb to offer insurance for 2.6 million drivers.
In recent months, it has announced a series of strategic partnerships with banks and payment participants throughout Southeast Asia, including Malaysia's Maybank, the Indonesian mobile wallet OVO and the Vietnamese digital payment service Moca.
It also has a connection to the Mastercard payment processor to issue a prepaid card for the region's non-bank and small-bank population.
Grab aims to "bring ASEAN closer" with a single wallet that will allow the purchase of goods and services, as well as money transfers to be made in a "one-size-fits-all and affordable way," said the minister in charge of the media.
He added that with "unbeatable reach" across the region, consumer insights, and trust and usage bases, the company believes that it is "best suited" to achieve this.
"Users do not want a separate e-coupon for each type of purchase. By opening our platform to leading financial institutions, we ensure that our users can exceed the Grab platform and pay for all types of services."
Asked about Grab the upcoming plan for the region, Mr Lai said that the company is currently focusing heavily on six ASEAN countries, as it is the largest proportion of consumers, traders and executives.
However, it will "expand" in the rest of South-East Asia "after all".
Although the region has tremendous opportunities, Grab the pressure on financial services is not without problems. In addition to the availability of high-quality talent, J. pointed out his partnership with regulators as part-time work.
"We want to work with regulators to continue developing new rules that are innovative, while protecting our economies and consumers. We work hand in hand with them, because it can take some time, but it is necessary."