Nov. 8, 2018
Grab, a Southeast Asian ride-hailing, delivery and financial services platform, has partnered with Thailand's Kasikornbank to launch a suite of financial services, including a co-branded mobile wallet called GrabPay by Kbank, according to a company press release.
The mobile wallet will allow Grab customers to buy transport and delivery services, transfer money to family and friends and make online purchases and QR code payments to shops and restaurants across Thailand.
Customers using PromptPay, the e-payments platform in Thailand, all merchants that are QR-enabled will be able to immediately accept GrabPay by Kbank upon activation, according to the release. Features from Kbank's K Plus app will be integrated into the GrabPay app by 2019.
Lastly, the companies will offer additional financial services, including making loans to merchants to stimulate business growth, offer Grab for Business, which will help companies manage corporate transport expenses and raise brand awareness using Grab's advertising services, according to the release.
Grab officials said the investment, whose terms were not disclosed, is part of a fundraising round that includes Toyota Motor Corp., Microsoft Corp., Booking Holdings, Hyundai Motor Group, Oppenheimer Funds and others. Hyundai and Kia Motors just announced yesterday they would enter a deal with Grab to test electric cars in the region, and to invest another $250 million the company, bringing its current round of fundraising to $2.7 billion.
Grab said the expansion into Thailand makes it the only mobile platform to operate in all six ASEAN-6 countries, which includes Singapore, Malaysia, Indonesia, Vietnam, Philippines and Thailand.
Grab in February entered an agreement with Samsung to promote mobile payments as a means of increasing financial inclusion in Southeast Asia.
Topics: Mobile Apps, Mobile Banking, Mobile/Digital Wallet, Region: APAC, Retail
Companies: Grab
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