Chubb partners with fintech Grab in digital strategy

Grab CEO Anthony Tan

Grab CEO Anthony Tan

The joint venture company, called Grab Financial, will offer micro-financing products to consumers and small businesses in the region, Grab says.

Earlier today, Grab announced the launch of Grab Financial, the "fintech platform within the Grab ecosystem".

This new platform will encompass all of Grab's fintech offerings, including payment services, rewards and loyalty services, and financial services, among others.

Here's what we understand of Grab Financial.

Announcing the launch of Grab Financial and a partnership with insurance company Chubb on stage at Money 20/20 in Singapore, Grab's co-founder Anthony Tan and head of GrabPay Southeast Asia, Jason Thompson said the move by the ride-sharing company was not to challenge financial institutions.

The joint venture will tap on the ride-hailing service provider's huge cache of customer data gather from its app - these include riders' feedback, telemetry data and insights from the Grab Rewards platform, Mr Thompson explained - to provide a "sophisticated, alternative resource for measuring credit ratings". "GFSA is building a reliable alternative to traditional credit scoring methods that is customised for the unbanked majority of consumers and small businesses in Southeast Asia, which will create economic opportunity for millions across the region", said Jason Thompson, Managing Director, GrabPay Southeast Asia.

Today, the Grab app has been downloaded onto over 86 million mobile devices, offering private auto, motorbike, taxi, and carpooling services, as well as on-demand food and delivery services across 191 cities in 8 countries in Southeast Asia.

Thompson said during a media keynote session after the announcement that its JV with Credit Saison will leverage on Credit Saison's experience in financial services as well as utilise Grab's extensive regional reach and vast datasets on consumer behaviour.

Grab's joint venture (JV) with Credit Saison will allow them to offer access to funding that is crucial to helping them grow their income streams.

At the same event, Grab also announced that it had partnered up with insurance firm Chubb to provide insurance products for driver-partners and customers.

Using the Grab app, these drivers will be able to select different insurance options to protect their vehicles, livelihoods and their families should there be loss of income through accidents, the company said.

And they may be the bigger victor behind the scenes.

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