The Grab Financial Group has officially launched the new parent company for its digital payments, insurance, lending and wealth management offerings, GrabFin. The brand will offer Grab users a single-entry point to payment, investment and insurance services on the Grab app.
“The GrabFin brand reinforces our promise to empower the six in 10 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,” said Kell Jay Lim, Head of GrabFin.
“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.”
Leading up to the launch, the leading Southeast Asian fintech platform has introduced a selection of products aimed to meet the needs of the financially underserved in Malaysia.
Additionally, GFG has unveiled Earn+, an investment product for Singapore-based Grab users in line with its promise to provide consumers with simple, flexible and accessible financial products.
Earn+ is a a low-risk investment product with a projected yield of 2%-2.5% 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 $1, with no maximum investment limit or lock-in period.
Users 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 Wenbin Wong, Head of GrabFin, Singapore. "In today’s volatile environment, it can be a good complement to our users’ investment portfolio as a low-risk investment option."
“With Earn+, Grab users can put their idle cash to work, and ideally stay invested for the short-to-medium term to ride out volatility and cushion the impact of inflation.”
Following its launch in Singapore and Malaysia, the GrabFin brand will be progressively rolled out in other Southeast Asian markets in the coming months.