+1-888-308-5802     
News Contact Us

Grab partners with Kasikornbank to launch mobile wallet in Thailand

Author : Pankaj Singh | Published Date : 2018-11-10 

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.

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Tata Motors rolls out BS-VI complaint Altroz premium hatchback

Published Date: 2020-01-24         Author: Pankaj Singh

Indian automotive giant, Tata Motors has forayed into the premium hatchback market by introducing Altroz, a car that would challenge the Hyundai Elite i20 and Maruti Suzuki Baleno. The hatchback is said to available at an introductory price of Rs 5.29 lakh ex-showroom and comes in BS-VI complaint di... Read More

Houston-based McDermott International to soon file for bankruptcy

Published Date: 2020-01-22         Author: Pankaj Singh

Oilfield service company, McDermott International has recently confirmed plans to file for Chapter 11 bankruptcy. Sources close to the matter cite that McDermott would file a prepackaged restructuring plan at the United States Bankruptcy Court in Houston. The restructuring plan, which has the bac... Read More

U Mobile set to invest billions of ringgits in 5G network spectrum

Published Date: 2020-01-20         Author: Pankaj Singh

U Mobile Sdn Bhd, a telecommunication service provider based in Malaysia, has plans to invest a large sum of money/ringgits in 5G network development for next generation connectivity. The company has already spent RM300 million for future rollouts, which is anticipated to complete in the Q3 of 2020,... Read More

© 2020 Fractovia. All Rights Reserved