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Chubb partners with fintech Grab in digital strategy

Chubb partners with fintech Grab in digital strategy

The news follows the announcement of GrabCycle, the first pilot project under GrabVentures.

The lending service will be part of the newly announced Grab Financial, a platform which wraps all of its financial technology (fintech) offerings - payments services, rewards and loyalty programmes, financial services and agent services.

The new venture will also look at offering credit scoring services to financial firms who can use the information to provide other services such as virtual credit cards.

Grab will now offer loans and insurance with its new fintech platform - Grab Financial - the ride-hailing company announced on Tuesday (March 13).

For a start, Grab Financial Services Asia will focus on providing products to meet the needs of Grab drivers, agents and merchants such as working capital loans, financing for smartphones and durable goods, as well as consumer goods financing, the company said.

"Today we've helped create about five million jobs [across Grab services], for those people to grow their businesses, we need to provide them with financial services".

Andhra Bank pegs Sterling exposure at Rs 578 crore after shares dive
He added that the bank is aiming to bring down its net non-performing assets (NPAs) ratio substantially, to below 6%. The recovery is expected to substantially improve the bank's balance sheet, said the bank's executive director N.

"We aim to make these micro-entrepreneurs who used to be invisible more visible to financial institutions", Anthony Tan, Grab CEO, said during the Money20/20 fintech conference in Singapore, calling the new lending business "core to our business".

At the same event, Grab also announced that it had partnered up with insurance firm Chubb to provide insurance products for driver-partners and customers. Our insurance partnership is evolving from traditional group personal accident coverage for drivers to more digital options directly offered from the Grab app.

Grab has been progressively developing its capabilities in financial services, acquiring Indonesian e-commerce company Kudo in April 2017 and launching a P2P mobile wallet in November.

Grab, widely known as "Southeast Asia's Uber", operates services in 191 cities in eight countries, with mobile downloads totaling about 86 million.

It previously also led an investment into Shopback, the leading cashback site in Southeast Asia. It plans to leverage Grab's network of millions of customers, including small businesses as well as data on consumer behavior, then combines it with the Credit Saison's intel in credit annals and consumer lending.

And they may be the bigger victor behind the scenes.


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