Grab to launch retail investment product, consumer loans platform

https://www.businesstimes.com.sg/garage/grab-to-launch-retail-investment-product-consumer-loans-platform

GRAB'S financial services arm, Grab Financial Group (GFG), is rolling out a micro-investment product and a third-party loan platform for its users. This follows the digibank-aspirant's suite of merchant financial services, launched last year.

The investment product, called AutoInvest, will allow users to invest sums as low as S$1 while spending in Grab's ecosystem. This comes after Grab announced the acquisition of Singapore-based robo-advisory startup Bento in February, which allows the group to offer retail wealth management solutions.

Users in Singapore choose how much they want to invest additionally per Grab transaction. The money is invested into fixed income funds offered by Fullerton Fund Management and UOB Asset Management.

The returns of an estimated 1.8 per cent per annum will be cashed out to the user's GrabPay wallet, which allows the money to stay within Grab's ecosystem. The company is exploring a feature that lets users cash out from their GrabPay wallet to their bank account in future.