Grab Teams Up With Japan's Credit Saison for Lending Services

Leslie Hanson
March 13, 2018

The news follows the announcement of GrabCycle, the first pilot project under GrabVentures.

GrabReward - Grab's rewards and loyalty services.

Property/ casualty insurer Chubb has partnered with Grab, an on-demand transportation and fintech platform in Southeast Asia, as part of its digital strategy to meet growing insurance needs in Asia Pacific.

Called Grab Financial Services Asia, the new joint venture would start by offering lending products and services for Grab drivers, agents, and merchants, including financing for smartphones and working capital loans.

"The new joint venture, Grab Financial Services Asia, puts in place a much-needed infrastructure that will accelerate financial inclusion in Southeast Asia. GFSA is building a reliable alternative to traditional credit scoring methods that is customised for the unbanked majority of consumers and small businesses in Southeast Asia, which will create economic opportunity for millions across the region", said Jason Thompson, Managing Director, GrabPay Southeast Asia.

As well as offering its own products, the firm intends to white-label its credit scoring methodology as a platform for use by traditional financial services firms.

The start-up today announced a partnership with Credit Saison, Japan's largest credit card company, to provide loans and lending services in the region.

Using the Grab app, drivers will be able to select different insurance options such as loss of income insurance, per-ride schemes, personal accident policies and motor insurance.

Grab has been progressively developing its capabilities in financial services, acquiring Indonesian e-commerce company Kudo in April 2017 and launching a P2P mobile wallet in November. It plans to leverage Grab's network of millions of customers, including small businesses as well as data on consumer behavior, then combines it with the Credit Saison's intel in credit annals and consumer lending.

Today, the Grab app has been downloaded onto over 86 million mobile devices, offering private vehicle, motorbike, taxi, and carpooling services, as well as on-demand food and delivery services across 191 cities in 8 countries in Southeast Asia.

Grab's joint venture (JV) with Credit Saison will allow them to offer access to funding that is crucial to helping them grow their income streams.

And they may be the bigger victor behind the scenes.

Other reports by Iphone Fresh

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