Singapore Digest: GrabKitchen expands footprint; Rapyd receives MAS licence

GrabFood has expanded its cloud kitchen network, GrabKitchen, to Thailand and Vietnam while London-based digital payments platform Rapyd has obtained a remittance licence from the Monetary Authority of Singapore.

Grab launches cloud kitchens in Thailand and Vietnam

GrabFood, the food delivery arm of Singapore-headquartered ride-hailing giant Grab, has expanded its cloud kitchen network, GrabKitchen, to Bangkok and Ho Chi Minh City, according to an announcement.

The launch in the two countries also marks the first time GrabFood is expanding GrabKitchen outside Indonesia. It will be soon launched in Singapore and Philippines.

By the end of 2019, GrabFood aims to operate a regional network of cloud kitchens totaling over 50 GrabKitchens in five countries. GrabFood currently operates in 221 cities across six countries.

“We see GrabKitchen as a new solution that empowers our merchants to expand and grow, and for consumers to enjoy greater access to a wide variety of food,” said Lim Kell Jay, Head of GrabFood. “GrabKitchen also represents a key growth opportunity. Taking learnings from our success in Indonesia, GrabFood is looking to scale the GrabKitchen network rapidly across the region in the coming months,” said Lim Kell Jay, Head of GrabFood.

GrabKitchen was launched in Indonesia in April 2019 after a successful pilot. Today, there are 20 GrabKitchens in operation across Indonesia, Thailand and Vietnam.

Delivery-only GrabFood launched its first GrabKitchen with a dine-in feature at Capital Place, Jakarta, to serve a base of consumers working in offices nearby in September 2019.

Digital payments platform Rapyd receives MAS licence

London-based digital payments platform Rapyd announced that it has obtained a remittance licence from the Monetary Authority of Singapore (MAS) to scale affordable digital remittance services in the Asia Pacific.

The remittance licence will enable Rapyd’s corporate customers to extend remittance capabilities to their users, allowing them to send and receive money to and from over 100 countries internationally.

This move follows its partnership announcements with OCBC Bank in Singapore and its collaboration with Hong Kong’s TNG Fintech Group.

“Singapore is a very important technology and business hub for Rapyd as we expand our business across the region. Being able to operate and scale our remittance services in full compliance with local regulation is critical for us,” said Joel Yarbrough, Vice President for Rapyd in Asia Pacific.

Earlier this month, Rapyd announced raising $100 million in Series C funding, led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entrée Capital.