SINGAPORE - Grab has made its move into the retail wealth management space with its acquisition of Bento Invest, a Singapore-based robo-advisory startup for an undisclosed sum.
Following the acquisition, Bento will be rebranded as GrabInvest, with products expected to be launched on the Grab app in the first half of the year in Singapore. They will eventually be rolled out to other markets in South-east Asia. GrabInvest will be the fifth vertical under Grab's financial services arm, Grab Financial Group, and will be led by Bento's founder and CEO Chandrima Das.Reuben Lai, senior managing director of Grab Financial Group, noted that there is a lack of access to affordable wealth management products and retirement planning solutions for most people.
Ms Das, who will also be Grab Financial Group's new head of wealth management, pointed out that their common vision is to make investments accessible for customers"irrespective of their wallet size".