Grab partners with Maybank to grow mobile wallet GrabPay in Malaysia

Maybank group chief strategy officer Michael Foong, Maybank group president & CEO Datuk Abdul Farid Alias, Grab group CEO and co-founder of Grab Anthony Tan and managing director of GrabPay Singapore, Malaysia and Philippines Ooi Huey Tyng. Photo: Grab Malaysia

Ride-hailing startup Grab has partnered with Malayan Banking Bhd (Maybank) to drive the adoption and usage of its mobile wallet GrabPay in the country.

Grab, which received its e-money license from Malaysia’s central bank Bank Negara Malaysia (BNM) last December, plans to launch GrabPay in beta in the coming weeks. The partnership is subject to relevant regulatory approvals and further details will be announced in due course, said Grab.

Through the partnership, Grab users will be able to use GrabPay at Maybank’s key merchants, expanding the ride-hailing and payments firm’s reach to a wider network of merchants in the country. Similarly, Maybank customers will also eventually have the option of conducting transactions via Maybank QRPay at GrabPay merchants.

On top of that, consumers will soon also be able to top-up cash into their mobile wallet directly via Maybank’s internet banking portal, Maybank2U.

“We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality.

“With GrabPay mobile wallet as the leading payment method on our Grab app it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle,” said GrabPay Singapore, Malaysia and the Philippines managing director Ooi Huey Tyng.

Maybank group president and CEO Abdul Farid Alias said the collaboration with Grab was part of the financial institution’s ongoing efforts to improve customer convenience.

“We are continuously looking to introduce products and services which offer better value by leveraging on cutting-edge technology and a deep understanding of our customers’ needs.

“With this partnership, our customers will not only enjoy a seamless experience when transacting through GrabPay but also a host of exclusive benefits that would reward them with substantial savings in the long run. This is very much in line with our strategic objective of becoming the digital bank of choice in the region,” he said.

According to BNM, cash handling and services cost RM1.8 billion ($450 million) a year to the banking industry and electronic-based payments may result in savings amounting up to 1 per cent of the country’s economy due to lower retail payment cost versus cash transactions.

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Singapore Reporter/s

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

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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.