Powered by

Grab seeks to expand into consumer banking

Feb 25, 2020 - Marketline Newswire

Southeast Asia's Grab has received $856m from Japan's Mitsubishi UFJ and IT services firm TIS as the ride-hailing company seeks to expand aggressively into financial services.

Grab, backed by SoftBank Group Corp, said it will use the funding to offer lending to Southeast Asian consumers and small and medium-sized enterprises. The company will also be providing insurance and wealth management products and services. MUFG, Japan's biggest bank by assets, is providing the bulk of the money, $7...