Ride-hailing company Grab recently made an announcement confirming that it has entered into a strategic partnership with Kasikornbank (KBank), the Thai lender, to bring its mobile wallet GrabPay and other related financial services into Thailand by early 2019. GrabPay, a co-branded mobile payment app by KBank will be offered in the Grab app by early next year, it was informed during the announcement.
The partnership would mean the expansion of Grab’s mobile wallet into the sixth Southeast Asian country, as the firm looks to grow out of ride-hailing services and become a key financial services player in the region. The other countries where GrabPay is used are Singapore, Indonesia, Malaysia, Philippines and Vietnam.
Grab Financial will become the first mobile payments service to launch e-money-licensed payments platform throughout ASEAN-6 with this partnership, underlining the strength of the company’s partnership-based strategy, said Reuben Lai, senior managing director of Grab Financial. Grab Financial is the financial technology platform of Grab, which was set up in March.
KBank would also invest US$50 million (approx. S$69 million) in Grab, joining companies like Hyundai Motor and Toyota as investors in Grab’s current fundraising round. Patchara Samalapa, KBank’s president stated that the bank is looking forward to tapping into the region’s fast growing digital economy by developing innovative financial products.
After its launch next year, Grab users would be able to pay for delivery and transport services, send money to other users as well as purchase products and services online. Users can also make payments via QR-code in shops and restaurants all over Thailand.
Besides the GrabPay wallet, users would also be able to take advantage of seamless services after the features of KBank’s K Plus app and those of Grab’s app are integrated in 2019. Both firms will be jointly offering products, including merchant loans and access to Grab for Business to assist in improving corporate transport expense management.
Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With experience in technical and niche writing, he was encouraged to opt for a career in content writing and now pens down articles pertaining to market research, industry news and business trends.