Grab expands finance business with consumer loans services, wealth management

SINGAPORE - Grab, Southeast Asia's biggest ridehailing firm, deepened its finance sector push on Tuesday by announcing that it will offer consumer loans services in Singapore and roll-out wealth management products in the fast-growing but crowded sector.

It raised about $850 million in February from Mitsubishi UFJ Financial Group Inc and other investors for expanding its financial services and applied for an online Singapore banking licence together with Singapore Telecommunications Ltd. Starting in Singapore later this year, before expanding to Malaysia and other countries, Grab's third-party consumer loans will typically be disbursed within two to four days after being approved, the company said.

Southeast Asia's most valuable startup with an estimated valuation of $14 billion announced a 5% reduction in staff numbers in June as it cut costs amid slower growth due to the pandemic.

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