Brent Lewin | Bloomberg | Getty Images
The Grab logo is usually displayed on a taxi in Bangkok, Thailand, on Friday, March 9, 2018.
Thailand’s Kasikornbank said Thursday This specific had invested $50 million in Singapore’s Grab, forming a partnership of which will help launch the GrabPay electronic wallet in its sixth Southeast Asian market in 2019.
Thailand’s fourth-largest bank also said the tie-up will allow This specific to use Grab’s data on merchants as well as drivers to formulate loan products as well as minimize non-performing loans.
“Our co-branded mobile wallet as well as strategic investment in Grab enables us to bring Grab’s scale to our merchant as well as consumer network in Thailand,” Kasikornbank President Patchara Samalapa said in a statement.
GrabPay is usually one aspect of Grab’s strategy to transform into a technology firm through being purely a ride-hailing business — a business not yet fully regulated in Thailand. The service is usually accessible via Grab’s smartphone application, as well as in Thailand will be branded “GrabPay by KBank.”
Patchara also said Grab’s app will be integrated with Kasikornbank’s K PLUS app, as well as of which the bank will eventually provide loans via apps.
“This specific also advances our ambition to build an Everyday Super App to serve the daily needs of our consumers,” Grab Thailand chief Tarin Thaniyavarn said inside statement.
GrabPay by KBank will compete with TrueMoney through True Corp as well as Rabbit Line Pay through messaging application LINE – owned by South Korea’s Naver – offered in conjunction with local telecommunications firm Advanced Info Service as well as mass transit firm BTS Group Holdings.
Kasikornbank is usually the latest financial institution to form a partnership with Grab as the tech firm expands inside sector, with some other partners including Malayan Banking as well as Mastercard.
The investment, while relatively smaller, is usually the first through Southeast Asia’s second-largest economy.
This specific is usually part of a funding round in which Grab has so far raised about $2.7 billion through investors such as Booking Holdings, Microsoft, Toyota as well as Hyundai, as well as financial institutions including OppenheimerFunds, Goldman Sachs Investment Partners as well as Citi Ventures.