GFG introduces robust financial products

Monday, Aug 10, 2020 11:36

Grab Financial Group announces a robust suite of financial products and services. — Photo Courtesy Grab Vietnam

Grab Financial Group (GFG), a Southeast Asian leading fintech platform, recently announced a robust suite of financial products and services that will be launched under a ‘Thrive with Grab’ strategy which expands GFG’s range of consumer offerings in order to tap into Southeast Asia’s vast mass market financial services opportunity including Viet Nam.

The ‘Thrive with Grab’ strategy marks the next step in GFG’s journey, and aims to empower individuals to grow their personal wealth, manage their finances and protect what they value.

Building on last year’s ‘Grow with Grab’ initiative where GFG’s merchant financial services ecosystem was born, ‘Thrive with Grab vastly expands GFG’s consumer ecosystem by launching new lending, wealth and insurance products in the region in order to provide financial services for consumers in a way that is accessible, convenient and transparent.

Reuben Lai, Senior Managing Director, Grab Financial Group, said: “As a leading fintech company in Southeast Asia, our ‘Thrive with Grab’ strategy will enable users to build their wealth, manage their finances and protect what they value during this uncertain period. By offering innovative micro-transaction-based financial services, convenient financial management tools and access to products from leading global financial institutions, we hope to unlock the tremendous potential in financial services in the region in ways that serve all Southeast Asians.”

Since GFG launched its consumer insurance business last year, it has seen robust growth across the region, with more than 13 million insurance policies issued since April 2019.

GFG is now one of the largest digital insurance distributors in Southeast Asia for its insurance partner, Chubb. GFG has also expanded small and medium-sized enterprise (SME) lending to four countries to support its food and payments merchants with working capital loans.

The success of GFG’s micro-insurance and SME-lending business points to a deep unmet need across the region for accessible financial services.

According to a Google, Temasek and Bain & Company report, more than 70 per cent of Southeast Asians are underbanked while an estimated US$75 billion in assets under management will flow to digital channels by 2025. GFG aims to tap this massive opportunity in order to improve financial inclusion and unlock new revenue streams for Grab. — VNS

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