Grab Financial Group (GFG), a Singapore-based fintech platform, announced Monday that it will be launching GrabFin, a new brand for its digital payments, insurance, lending and wealth management offerings.

Following its launch in Singapore and Malaysia, the GrabFin brand will be progressively rolled out in other Southeast Asian markets in the coming months, GFG said in a statement.

According to the statement, GrabFin offers Grab users a single entry point to access payment, investment and insurance services on the Grab app. It addresses a consumer preference indicated in a recent Nielsen survey where three in five consumers prefer to access all their financial services on one integrated platform.

GrabFin also represents Grab’s commitment to empower Southeast Asia with greater financial access. The brand will offer everyday financial services that are simple to activate with just a few clicks in-app; fractionalised so more people can access the services; and flexible to enable consumers to choose how they use the products with no lock-in period.

“Grab’s superapp platform, deep tech expertise and data-driven insights position us uniquely to drive financial inclusion across Southeast Asia. The GrabFin brand reinforces our promise to empower the six in 10 financially underserved in the region, by providing simple, accessible and flexible financial services in a single platform that they are familiar with and already access daily,” said Kell Jay Lim, Head of GrabFin.

“With GrabFin, access to financial services will be as simple as ordering a ride on the Grab app. Our customised products offer consumers flexibility and GrabPay’s multi-layered security features let them transact with peace of mind,” he added.

In the lead-up to the launch of GrabFin and as a continued reflection of Grab’s commitment to rolling out innovative financial products to meet the needs of the financially underserved in Malaysia, GFG has introduced the following products targeted at consumers, drivers and delivery partners in the last few years: Travel Cover, a daily travel insurance which also includes a coverage for Covid; Grab Daily Insurance, the only daily insurance for e-hailing drivers, whereby they only subscribe for the days they are driving; Grab Cash Financing-i, a Shariah-compliant financing product for driver and delivery partners in Malaysia.

Grab is Southeast Asia’s leading superapp based on gross merchandise value (GMV) in the first half of 2021 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor.

The firm operates across the deliveries, mobility and digital financial services sectors in 465 cities in eight countries in the Southeast Asia region namely Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Grab enables millions of people each day to access its driver and merchant partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending, insurance, wealth management and telemedicine, all through a single “everyday everything” app.

The firm was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and since then, its app has been downloaded onto millions of mobile devices.

It strives to serve a double bottom line to simultaneously deliver financial performance for its shareholders and a positive social impact in Southeast Asia.

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