Grab Teams Up With Japan's Credit Saison for Lending Services

Modesto Morganelli
Marzo 13, 2018

The companies say they plan to explore the use of data derived from Grab's platform, including telematics, machine learning and predictive analytics to offer insurance products personalised to the specific needs of different private-hire vehicle drivers in Southeast Asia.

The service will be rolled out this year to all the Southeast Asia markets Grab is in now, the executive said.

In particular, Grab Financial will focus on those who are now not served by traditional banking services.

Here's what we understand of Grab Financial.

Speaking at the Money 20/20 conference at Marina Bay Sands on Tuesday (Mar 13), CEO Anthony Tan announced the launch of Grab Financial, which will encompass Grab's payment system, rewards programme, agent network and financial services.

Grab Financial Services Asia taps into the firm's huge cache of customer data gathered from the Grab app, which processes over a billion transactions annually, to provide an alternative resource for measuring credit ratings. "GFSA is building a reliable alternative to traditional credit scoring methods that is customised for the unbanked majority of consumers and small businesses in Southeast Asia, which will create economic opportunity for millions across the region", said Jason Thompson, Managing Director, GrabPay Southeast Asia.

The start-up today announced a partnership with Credit Saison, Japan's largest credit card company, to provide loans and lending services in the region.

As well as offering its own products, the firm intends to white-label its credit scoring methodology as a platform for use by traditional financial services firms.

Grab also announced that it has teamed with Chubb Ltd to provide insurance coverage to all of Grab's drivers.

Beyond that, we can also expect Grab Financial to introduce new insurance products catered to the digital audience in Southeast Asia. Grab is active and operates in eight countries, and the Grab app has over 86 million downloads on smartphones, and it offers taxi and on-demand food delivery services.

With both the involvement with Grab and Shopback, arguably two of the most used consumer platforms in Southeast Asia, Credit Saison will have access to consumer habits, spending behaviours as well as financial insights of the Southeast Asia population.

Grab's joint venture (JV) with Credit Saison will allow them to offer access to funding that is crucial to helping them grow their income streams.

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