Grab expands finance business with consumer loans services, wealth management

Grab, Southeast Asia’s biggest ride-hailing firm deepened its finance sector push on Tuesday by announcing that it will offer consumer loans services in Singapore and roll-out wealth management products in the fast-growing but crowded sector.

Backed by heavyweight investors including SoftBank Group Corp, Grab has already sunk its roots into financial services, food delivery and mobile payments over the last few years, even before the coronavirus pandemic hurt its mainstay ride-hailing business.

It raised about $850 million in February from Mitsubishi UFJ Financial Group Inc and other investors for expanding its financial services and applied for an online Singapore banking licence together with Singapore Telecommunications Ltd.