Grab kicks off strategic alliance with UOB, partners Ascendas REIT for new HQ

(L-R) UOB head of group channel and digitalisation Janet Young, deputy chairman and CEO Wee Ee Chong, Grab co-founder and CEO Anthony Tan, and GrabPay Malaysia, Singapore and the Philippines managing director Ooi Huey Tyng at the announcement of UOB-Grab strategic alliance.

Singapore-based United Overseas Bank Ltd (UOB) has announced the first of a series of digital initiatives with regional ride-hailing startup Grab, following the strategic alliance forged between them last November.

The strategic alliance also entailed an unspecified investment from the bank into Grab.

For starters, consumers can now apply for a UOB card directly from the Grab app or by scanning QR codes found in Grab cars in Singapore. UOB card members will also enjoy special privileges when they use Grab services.

Moving forward, UOB and Grab will integrate the bank’s rewards and dining privileges programmes into the Grab app.

“Our alliance with Grab enables us to create greater value for our customers who commute a lot. In the past year alone, UOB cardmembers took an average of close to a million Grab rides a month,” said UOB Singapore’s personal financial services chief Jacquelyn Tan.

Through the alliance, Grab will also tap into UOB’s network of more than 500 merchants in Singapore to connect with new partners to drive its merchant network for other services including food delivery, e-payment and parcel delivery.

On Wednesday, Grab also signed an agreement with the manager of Ascendas Real Estate Investment Trust (REIT), Ascendas Funds Management, to design and build its new headquarters in Singapore.

The build-to-suit development takes Ascendas REIT’s business and science park investments to S$3.8 billion ($2.82 billion) and accounts for 34 per cent of total portfolio value of S$11.3 billion ($8.4 billion).

Slated to be ready by the fourth quarter of 2020, the development will house all of Grab’s employees based in Singapore and its largest R&D centre.

Also Read:

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DBS Bank ‘very open’ to pursuing strategic investment in Go-Jek

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. 
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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.