Grab and Tokyo Century announce strategic partnership
By Digital News Asia December 5, 2016
- Companies to collaborate on leasing and rental car options for GrabCar drivers
- Tokyo Century makes strategic investment in Grab as part of partnership
GRAB, a ride-hailing platform in Southeast Asia, and Tokyo Century Corporation, a financial services company in Japan, on Dec 2 announced that they have entered into a strategic partnership.
The companies have signed a memorandum of understanding (MoU) enabling them to collaborate on new leasing and rental car options for GrabCar drivers in all six countries where Grab operates, including Singapore, Malaysia, the Philippines, Indonesia, Thailand, and Vietnam.
As part of the partnership, Tokyo Century has made a strategic investment in Grab.
Grab president Ming Maa (pic, right) said, “With the broadest portfolio of transportation solutions across Southeast Asia, Grab is proud to offer the largest vehicle fleet of any rideshare platform in the region. We are excited to announce today’s partnership with Tokyo Century, which will help us meet growing user demand and further extend our market leadership by enhancing leasing and rental car options for our valued GrabCar drivers across our platform.”
Tokyo Century senior managing executive officer Yasushi Yoshino said, “The Southeast Asian ridesharing market is poised for rapid growth, and we are thrilled to enter this dynamic industry with Grab, the clear market leader. Through our partnership, we will accelerate the growth of our business through new types of mobility, such as ride-hailing, develop financial services using the advanced technology of Grab’s digital platform, and expand our auto finance business across Southeast Asia.”
Grab operates the largest transportation network in Southeast Asia. Today, Grab offers private car, motorbike, taxi, and carpooling services across six countries and 34 cities in Southeast Asia, with one out of every four passengers using multiple services.
In addition, Grab aims to provide a wide variety of locally preferred cashless options – including GrabPay Credits, a proprietary stored value option, credit cards and mobile money – for Southeast Asia consumers with its in-app mobile payments platform, GrabPay.
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