GRAB is implementing a road map that will allow Asean micro, small and medium enterprises (MSMEs) to access the company’s financial technology services soon, as the company aims to become the region’s largest fintech firm this year.
Thursday saw Grab Financial, the fintech arm of Southeast Asia’s largest super app, launching its “Grow with Grab” road map, a plan that will provide a portfolio of financial services to Asean entrepreneurs. It will include micro-insurance products, postpaid installment payment services, and an online check-out payment method for online sellers.
“We believe that micro-entrepreneurship is not only an economic solution, but a social impact priority and nation-building tool. We at Grab are excited to extend mentorship and market-access assistance to our budding Filpino micro-entrepreneurs,” Grab Philippines President Brian P. Cu said.
The road map puts Grab Financial in a strong position in financial services, as the group seeks to bring more possibilities to micro-entrepreneurs and small businesses.
“Entrepreneurship is the core spirit by which we have founded and grown Grab to be the everyday super app that it is today. We share a deep connection with our fellow Filipinos in aiming for a better and brighter future,” Cu added.
Grab Financial aims to be Southeast Asia’s largest payments and financial services platform in 2019. It also plans to be the largest insurtech policy provider and the biggest fintech lender in Southeast Asia, while having the largest merchant network.
“We are doubling down on our financial-services offering for micro-entrepreneurs with ‘Grow with Grab.’ This is a huge untapped opportunity for Grab Financial to support the region’s entrepreneurs who are less able to access traditional financial institutions,” Grab Financial Group Senior Managing Director Reuben Lai said.
He explained that while small and medium enterprises account for over 50 percent of the Asean’s gross domestic product, about two thirds of these enterprises cite funding as their biggest problem.
“The Grab app has served more than 9 million micro-entrepreneurs over the last six years. As a result, we can leverage our scale and data insights to bring financial services products to the market at a more competitive price point than anyone else,” Lai added.