Uber’s rival will introduce a mobile wallet

The company partnered with a financial conglomerate to launch a co-branded mobile wallet

mobile wallet

Uber’s rival will introduce a mobile wallet. Source: shutterstock.com

Uber’s rival from Southeast Asia Grab and Thailand’s leading financial conglomerate KasikornBank (KBank) today announced a strategic partnership to introduce GrabPay by KBank, a co-branded mobile wallet, as well as a suite of other financial solutions in Thailand.

With this partnership, Grab Financial marks the expansion of its mobile wallet to all ASEAN-6 countries – Singapore, Malaysia, Indonesia, Vietnam, Philippines, and Thailand, cementing itself as the region’s number one fintech player.

In 2018, Grab Financial has established itself as Southeast Asia’s leading fintech platform, both in terms of Monthly Active Users and Total Payments Volume. This partnership makes Grab Financial the first mobile payments platform to launch e-money-licensed payments services across ASEAN-6 and underlines the strength of our partnership-based strategy. By opening up our platform, we have attracted many of the leading players in the financial services industry and driven exponential growth for our business
Reuben Lai, Senior Managing Director, Grab Financial

The partnership comes with a strategic investment from KBank in Grab and is part of Grab’s ongoing fundraising round, which includes Toyota Motor Corporation, Microsoft Corp., Booking Holdings, Hyundai Motor Group, Oppenheimer Funds, and other leading global investors.

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