Grab solves an acute financial problem Southeast Asiana Saveliev | 10.07.2019
Experian invests in Grab – the company that released the application for individuals in Southeast Asia. Both organizations want to facilitate access to mobile systems and financial services for residents
South-East Asia who are not receiving adequate banking services.
Investments Experian became part of the funding round Grab series H. Investments in Grab is the 4th investment of the company to Experian in Asia, where more than a billion people are still deprived
banking. The strategic partnership between the two companies will allow them to use their technology and data Analytics for a more accurate adaptation sentences Grab to the needs
users, including easier access to credit for aspiring entrepreneurs in the region.
“We have a vision of the future of financial services, which is based on technologies and alternative data. We want to change the ways in which people and organizations choose financial
products and services,” said Ben Elliott, CEO of Experian in the Asia-Pacific region.
Grab is actively expanding its financial services over the last year. The company now plans to raise 6.5 billion dollars for the round series H. Also she managed to get 300 million
dollars from the asset Manager Invesco in the beginning of the round.
Among the services that she offers – GrabPay, its solution for mobile wallets and insurance business. Grab also working on the possibility of payment by installments and last month announced
the partnership with Citi to launch co-branded credit cards in the SEA. In addition, the company confirmed rumors that it is considering a promotion Grab Financial Group.
In Southeast Asia, according to KPMG, 73% of the 600 million people have no Bank account. And this sparse infrastructure means that the existing financial institutions is difficult there
At the same time Grab the platform already exists as a form of infrastructure, its operation is cheaper than the extensive service area of the company. The advantage of the extensive data about their users allows
the holding of such key indicators as credit status, in which the existing financial institutions do not have access. Those players who plan to stay relevant to customers,
try to join forces with Grab to get to inaccessible at the moment part of the population.
In the past the attitude of consumers and their coverage has meant that financial institutions have to have a large coverage of physical branches. Now, when digital platforms are becoming more popular, such
physical presence is no longer required. For many companies, this cooperation is a great chance to get into the “right track”.
Considering all this it can be expected that financial institutions that fail to adequately transform your business in the digital age, will struggle to position itself as
preferred partner for companies such Grab.
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