Grab Financial Group launches SME lending and micro-insurance in Singapore

Grab Financial Group has announced its ‘Grow with Grab’ roadmap, with the launch of SME lending, and micro-insurance for drivers in Singapore.

‘Grow with Grab’ roadmap aims to provide a comprehensive portfolio of financial services in Southeast Asia for micro-entrepreneurs and small businesses, the company said in a press statement. It includes a range of other new services, such as micro-insurance products, post-paid and installment payment services as well as ‘Pay with GrabPay’, an online check-out payment method for online sellers.

Photo courtesy: Grab
Photo courtesy: Grab

"While SMEs contribute more than 50 percent of ASEAN’s GDP, two thirds of SMEs cite business funding and financing as their biggest problem,”  said Reuben Lai, Senior Managing Director, Grab Financial Group. He noted that this is an untapped opportunity for Grab Financial to support the region’s entrepreneurs who are less able to access traditional financial institutions. 

In the next few weeks, Grab Financial will be launching new services from the ‘Grow with Grab’ roadmap that enable micro-entrepreneurs and small businesses to grow their businesses. 

Grab Financial said that over the course of 2018, the group has managed to attract a range of industry-leading partners to build payments and financial services infrastructure tailored to the needs of micro-entrepreneurs in Southeast Asia. 

“We are beating Southeast Asia’s fragmentation problem by bringing together the largest payments and financial services ecosystem. We have opened up our platform for more than 100 partners across a diverse set of industries ranging from malls to card networks and banks,” Reuben concluded.