Grab Financial Group is expanding its consumer ecosystem through a series of new financial services and products – including a micro-investment solution, third-party loan platform and ‘buy-now-pay-later’ products for e-commerce websites.
The company's first micro-investment solution, AutoInvest – offered by GrabInvest – that will be launched under a ‘Thrive with Grab’ strategy to tap into Southeast Asia’s mass market financial services opportunity.
It allows users to invest small sums of money while spending in Grab’s ecosystem.
“By offering innovative micro-transaction-based financial services, convenient financial management tools and access to products from leading global financial institutions, we hope to unlock the tremendous potential in financial services in the region in ways that serve all Southeast Asians," said Reuben Lai, Senior Managing Director, Grab Financial Group
Grab is also offering consumer loans via its third-party loan platform, which will enable users to seamlessly access to loans from credible partners. Consumers will be able to discover personal loans offered by GFG’s licensed bank partners to service their everyday borrowing needs.
The innovative end-to-end platform will see bank partners and GFG integrate their APIs to enable users to access and securely apply for the loans directly within the Grab app.
Meanwhile, with its buy-now-pay-later payment plans for select e-commerce websites, users will be able to manage their finances smartly, Grab said in a press statement.
The company is launching PayLater Instalments and PayLater Postpaid on select e-commerce sites in Singapore and Malaysia in October. This enables eligible users to better manage their cash flow by letting them shop online now and pay in interest-free instalments with leading furniture, beauty fashion retailers.
Eligible users can choose to split their purchase into monthly instalments (PayLater Instalments), or defer their payment to the following month (PayLater Postpaid).