Grab Financial, fintech player from Southeast Asia, reveals plans for its first cross-border remittance product
Grab unveils region’s first wallet-to-wallet remittance product. Source: shutterstock.com
Grab unveiled its remittance offering under Grab’s financial services arm. This marks another milestone towards Grab’s vision for one ASEAN e-wallet that will deepen financial inclusion for the region’s growing middle-class consumers and micro-entrepreneurs.
As the region’s first wallet-to-wallet remittance product, Grab remittance product will allow both banked and unbanked senders to remit money instantly and securely to receivers in another country using their GrabPay wallets. As opposed to existing options in the market, receivers can access transferred funds instantaneously. In addition, receivers can either choose to cash out the remitted sum via the regular network of cash-out points or use it on everyday transactions, ranging from bill payments to mobile airtime top-ups. Other distinguishing factors are a hassle-free and one-time onboarding process done in-app and the guaranteed end-to-end transfer of funds from Sender to Receiver as Grab takes ownership of the funds’ movement.
Besides serving the growing economic migrant community within Southeast Asia, this remittance product will also pave the way for a multi-currency ASEAN-travel wallet that will significantly reduce the payment friction for intra-ASEAN tourism and business travel while enhancing cross-border e-commerce opportunities.
Grab Financial’s remittance product will be launched in early 2019.
