SINGAPORE: Grab is pulling the plug on its retail investment products and services in Singapore, after a review of the GrabInvest business concluded that it will “not be commercially viable” in the long run.
Customers have until Oct 13 to withdraw their money from these products. After which, accounts will be closed, and no further transactions will be permitted. AutoInvest, which allows users to invest sums as low as S$1 with each eligible transaction, was its first investment product. Investments go into money market and short-term fixed income mutual funds, offering returns of up to 1.18 per cent per annum.. Earn+ was billed as a “low-risk” way for users to invest into institutional funds and earn higher returns of 2 to 2.5 per cent per annum on their idle cash.
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