Grab Financial Group launches new brand GrabFin
By Digital News Asia May 24, 2022
- Aims to drive financial inclusion across Southeast Asia
- Single entry point to access payment, investment, insurance
Grab Financial Group (GFG), a Southeast Asian fintech platform, announced that it will be launching GrabFin, a new brand for its digital payments, insurance, lending and wealth management offerings.
In a statement, the fintech firm said GrabFin offers Grab users a single entry point to access payment, investment and insurance services on the Grab app.
This addresses a consumer preference indicated in a recent Nielsen survey where three in five consumers prefer to access all their financial services on one integrated platform, it added.
The company said GrabFin also represents Grab’s commitment to empower Southeast Asia with greater financial access.
The brand said it will offer everyday financial services that are simple to activate with just a few clicks in-app; fractionalised so more people can access the services; and flexible to enable consumers to choose how they use the products with no lock-in period.
According to Kell Jay Lim, head of GrabFin, Grab’s superapp platform, deep tech expertise and data-driven insights position the company to uniquely drive financial inclusion across Southeast Asia.
“The GrabFin brand reinforces our promise to empower the six in ten financially underserved in the region, by providing simple, accessible and flexible financial services in a single platform that they are familiar with and already access daily.
“With GrabFin, access to financial services will be as simple as ordering a ride on the Grab app. Our customised products offer consumers flexibility and GrabPay’s multi-layered security features let them transact with peace of mind,” he said.
Following its launch in Singapore and Malaysia, GrabFin will be progressively rolled out in other Southeast Asian markets in the coming months.
GFG has introduced the following products targeted at consumers, drivers and delivery partners in the last few years:
- Travel Cover: A daily travel insurance which also includes a coverage for Covid;
- Grab Daily Insurance: The daily insurance for e-hailing drivers, whereby they only subscribe for the days they are driving; and
- Grab Cash Financing-i: A Shariah-compliant financing product for driver and delivery partners in Malaysia.
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