Grab partners Chubb as part of the launch of Grab Financial

Pic Reuters

Based on reports, Grab Financial will have five major divisions/verticals: GrabPay, the company's existing digital payments platform, GrabRewards, the rewards and loyalty programme, GrabBenefits, an in-app service that offers an overview of all discounts and offers available to Grab drivers, and two new verticals - loans and lending services, and insurance.

Grab's core product platform includes transport solutions for drivers and passengers with an emphasis on convenience, safety and reliability, as well as its proprietary mobile payments platform, GrabPay, which is increasing access to mobile payment solutions for millions of Grab riders and drivers across Southeast Asia and deepening financial inclusion in the region.

Southeast Asian ride hailing app Grab is expanding into financial services in partnership with a Japanese credit card company, hoping to offer credit to millions of people without bank accounts.

It said the joint venture with Japan's Credit Saison will begin by focusing on providing loans to Grab drivers and merchants for purchasing smartphones or working capital. Grab is present across eight countries in Southeast Asia and has an existing loan book worth over $700 million because of prior campaigns for auto financing, insurance, and more such facilities. The platform would then be extended to agents, and subsequently the consumers.

Grab, once an underdog compared with bigger rival Uber Technologies, has become the dominant player in southeast Asia after winning customers from Singapore to Vietnam.

Grab is initially focused on serving business customers, but Thompson said that it may look to expand to cater to consumers further down the line. We are excited to have a partner such as Chubb with whom we share this vision.

Beyond that, we can also expect Grab Financial to introduce new insurance products catered to the digital audience in Southeast Asia.

Didi Chuxing, the biggest ride-hailing operator in China, a year ago teamed up with Japanese conglomerate SoftBank Group Corp to lead a US$2.5 billion financing round in Grab. Grab plans to assess loan recipients and insurance candidates using a mixture of signals that could include their driving style, which Thompson said it can track using telemetrics from a driver's device.

About Chubb Chubb is the world's largest publicly traded property and casualty insurance company.

According to the press statement, the new partnership is an extension of Grab's long-term commitment to improve driver welfare. These features make it easier for drivers to find rides and secure earnings.

Chubb is committed to the digitisation of its insurance products and services to meet the needs of customers living, working and running businesses in the Digital Age.

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