SINGAPORE: Southeast Asian fintech platform Grab Financial Group announced on Monday (May 23) that it will be launching a new brand - GrabFin - for its digital payments, insurance, lending and wealth management offerings, as well as an investment product for Singapore-based Grab users.
GrabFin offers Grab users a "single entry point" to payment, investment and insurance services on its app, said the ride-hailing giant in a media release.
"GrabFin also represents Grab’s commitment to empower Southeast Asia with greater financial access," it added.
The release also said that the brand will offer everyday financial services that are simple to activate, which are "fractionalised" so that more people can access them and flexible to allow consumers to choose how they use the products with no lock-in period.
Head of GrabFin Kell Jay Lim said that access 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 GrabFin's launch in Singapore and Malaysia, the brand will be progressively rolled out in other Southeast Asian markets in the coming months.
For Grab users in Singapore and Malaysia who have updated to the latest Grab app by the end of May, they will be able to use GrabFin on their apps, according to the company's website.
NEW INVESTMENT PRODUCT FOR SINGAPORE-BASED USERS
GrabFin is also introducing a new investment product, Earn+, which will be rolled out to all users in Singapore by the end of the week.
Billed as a "low-risk investment product", Grab said that it has a projected yield of 2 per cent to 2.5 per cent per annum with "better potential returns than most savings accounts when held over the short-to-medium term".
Earn+ users can start with a minimum investment of S$1, with no maximum investment limit or lock-in period. They can also withdraw funds to their GrabPay wallets instantly, or transfer the funds to their bank accounts at any time without incurring any penalties or early withdrawal charges.
"Earn+ provides our users with access to low-risk, investment-grade bond portfolios, which were previously only available to institutional investors," said head of GrabFin Singap...