Grab Financial Wants Entrepreneurs to ‘Grow with Grab’
More and more financial institutions are making a name for themselves across the water from us. Grab is one such financial group, looking to become one of the biggest merchant networks with other offerings to round out the platform. The ‘Grow with Grab’ initiative is aimed at bringing the full gamut of company products to small businesses in the East.
Announced at Money 20/20 Asia this year, the influx of lending to small businesses, myriad of existing services and the addition of more beneficial services means that Grab can help to keep small businesses viable. The need is certainly there as many micro-entrepreneurs in Southeast Asia are without reliable means for banking and cash management. The idea behind the movement is for Grab Financial to become the largest provider in the area of insurtech, fintech with the largest merchant network.
“We are doubling down on our financial services offering for micro-entrepreneurs with ‘Grow with Grab’. This is a huge untapped opportunity for Grab Financial to support the region’s entrepreneurs who are less able to access traditional financial institutions. While SMEs contribute more than 50% of ASEAN’s GDP, two thirds of SMEs cite business funding and financing as their biggest problem. The Grab app has served more than 9 million micro-entrepreneurs over the last 6 years. As a result, we can leverage our scale and data insights to bring financial services products to market at a more competitive price point than anyone else,” said Reuben Lai, Senior Managing Director, Grab Financial Group.
Within the next few weeks, Grab looks to release a slew of new services to enhance business owners’ ability to expand their business and ensure their futures.