In the photo: Commuters wait for a train next to Grab transport booking service app advertisements at a train station in Singapore February 10, 2016. REUTERS file photo
It’s no secret, Grab has been planning to build a ‘Super App’ since earlier this year. The ambitious Malaysian company has made waves within Southeast Asia since 2012 when it slowly disrupted the ride-hailing scene, much to the chagrin of many a taxi driver.
Fast-forward to 2018, it seems they have been making pretty good headway, in its recent attempts to produce the e-wallet of choice, and partnering with Thailand’s Kasikornbank (KBank).
Today, Grab announced its latest partnership with global banking giant, United Overseas Bank (UOB), whose presence is expected to enhance Grab’s suite of financial options.
Under the partnership, Grab will be able to offer various payment options through UOB’s holistic suite of financial services. UOB will also become Grab’s preferred banking partner in Singapore, and a strategic credit card partner for Grab in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
Anthony Tan, Co-founder and CEO of Grab, said, “To have one of the largest banking groups in Southeast Asia join hands with us underlines the potential of Grab’s user base and platform to drive business success for our partners. By combining our strengths, we will offer consumers more convenient payment services regionally and help more people move from cash to cashless.”
The UOB Advantage
Expectedly, UOB cardmembers will be able to enjoy special privileges when paying for Grab services with their UOB cards too. Additionally, both companies will also explore launching co-branded credit cards in ASEAN.
“Our alliance with Grab represents two like-minded companies harnessing our respective strengths to create value for consumers and to drive greater access to financial services in the region. The alliance will also complement our efforts to scale up our customer franchise across ASEAN”, said Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB.
The alliance will also see UOB delivering financial services to a wider base of ASEAN consumers, leveraging on Grab’s massive user base, accelerating the bank’s efforts to meet the needs of the region’s fast-growing ‘mobile-first’ and ‘mobile-only’ consumers.
Users will soon also be able to top up their GrabPay wallet directly from their bank accounts through UOB’s cash management service, adding another layer of convenience to the GrabPay experience. Currently, users are able to top up their GrabPay wallet via credit and debit cards, or Grab’s network of drivers, agents and merchants.
Also in the pipeline is the effort to embed UOB’s digital bank within the Grab app itself, which would allow users to actually access banking services through the planned super app.
As part of the alliance, UOB will also explore support for Grab in a number of other areas, from fleet financing, regional and centralised treasury management solutions, to workplace banking services.
Source: PR Newswire