Grab Financial expands offerings for SMBs in SE Asia

Reuben Lai, Senior Managing Director and Head of Grab Financial Group.

Grab Financial Group has extended its suite of products and features to allow more small and medium businesses (SMBs) to tap into the region’s e-commerce market opportunity.

The financial arm of Southeast Asian ride-hailing and food delivery major Grab said it has expanded its “Grow with Grab” initiative by scaling up GrabMerchant Commerce, a webstore builder platform that enables small businesses to scale by offering support in areas such as marketing and brand development, among others.

GrabMerchant Commmerce was launched in May in Singapore and already has 500 signed-up merchants. These merchants, according to Grab Financial, have averaged a 6X increase in sales from when they first started their online businesses.

By the end of this month, Grab said selected GrabMerchant Commerce merchant-partners can be accessed via the “Shopping” icon in the Grab app, giving these merchants exposure to millions of Grab users across Southeast Asia. The platform will be rolled out to Malaysia and the Philippines next year.

In addition, Grab Financial also accelerated GrabPay and PayLater (Grab’s BNPL product) acceptance by Southeast Asian SMBs via establishing new partnerships with regional and local payment gateways, including 2C2P, AsiaPay, and Razer Merchant Services.

The acceleration enables merchants to offer their consumers more payment methods, as per the announcement.

“Our approach is to be an open ecosystem,” said Reuben Lai, senior managing director at Grab Financial Group.

Grab Financial started with digital payments in 2017 and has become one of the major fintech platforms that offer financial products in Southeast Asia, the world’s fastest-growing region for mobile wallets driven by the e-commerce boom.

Grab Financial’s parent company, Grab, reported a consolidated GMV of $3.6 billion in Q1 2021, representing a 5.2% year-on-year growth, according to DealStreetAsia’s DATA VANTAGE report on Grab in June.

The GMV in Q1 2021 accounted for 21.5% of the full year’s GMV projection, which means Grab has some catching up to do in the subsequent quarters. The silver lining, though, is user spend, measured as GMV per monthly transacting user (MTU), which saw an increase of 33% YoY.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.