Grab has deepened its partnership with Adyen for more pay later options, while Zensung has teamed up with ERGO Pte Ltd and Munich Re to launch Singapore’s first “Go Green” insurance policy.
Grab expands partnership with Adyen for pay later service
Southeast Asian ride-hailing superapp Grab is expanding its PayLater deferred payment option by deepening its partnership with Adyen.
Through the partnership, more of Grab’s merchants will be able to offer the PayLater payment method at checkout, allowing customers to defer their payments at no interest fee.
The function will be initially available in Singapore and Malaysia as many of the merchants are already integrated with Adyen via their existing APIs, said Grab Financial Group managing director and head of GrabPay Chris Yeo. “This means [merchants] can now easily add deferred payment methods as another flexible option for their customers, at no extra cost,” he added.
According to the firm, lifestyle platform Zalora reported a 20% increase in new shoppers and a 15% increase in users using GrabPay to complete a purchase following the launch of the deferred payment method. The option was made available via Adyen on May 1.
The online retailer has also seen an increase in sales as shoppers who used Grab PayLater had larger basket sizes, compared to those who used Grab Wallets. Basket sizes in Malaysia and Singapore were 32% and 12% larger, respectively.
Grab and Adyen established its partnership in 2016, when the superapp selected Adyen to extend its GrabPay capabilities across Southeast Asia. Besides Grab, Netherlands-based Adyen’s customers include Facebook, Uber, Spotify, L’Oréal, Cathay Pacific, Klook, and Singapore Airlines.
Zensung launches “Go Green” insurance
Singapore-based insurtech firm Zensung has partnered with insurance firms ERGO Pte Ltd and Munich Re to launch Singapore’s first “Go Green” insurance policy, Parrot Safe Driver.
Via Zensung’s app Parrot, users are able to purchase a policy, make a claim, and receive safe driving rebates. Upon purchasing, policyholders can monitor their trips and compensate their CO2 emissions, calculated using a globally recognised Greenhouse Gas Protocol.
Policyholders can become CO2-neutral by buying carbon credits straight from the app, said Zensung.
Parrot Safe Driver is underwritten by ERGO Insurance Pte Ltd, a wholly-owned unit of the Singapore subsidiary of ERGO Group AG, Munich Re’s insurance arm.
ERGO Singapore CEO Karl-Heinz Jung said the launch of the Parrot Safe Driver motor insurance policy will encourage and reward Singapore drivers to become safer and more environmentally conscious, in line with the concept of sustainability, which is supported by the ERGO Group.
Founded in 2018, Zensung integrates AI and IoT to offer telematics-based policies. In 2019, the firm developed tdrive, a mobile app for Indonesian insurance provider TUGU Insurance.