Grab raising $706 million from MUFG to roll-out financial services

This post was originally published on this site

© Reuters. A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore© Reuters. A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore

SINGAPORE/TOKYO (Reuters) – Southeast Asian ride hailer Grab is raising $706 million from Mitsubishi UFJ Financial Group Inc (MUFG) (T:) and $150 million from Japanese IT services firm TIS Inc (T:), as it seeks to expand aggressively into financial services.

“MUFG’s investment into Grab is a vote of confidence in our super app strategy and our ability to build a long-term, sustainable business,” Ming Maa, Grab’s president, said in a statement on Tuesday.

Grab, backed by SoftBank Group Corp (T:), said it will use the funding to offer lending, insurance and wealth management products and services for Southeast Asian consumers and small and medium-sized enterprises.

MUFG’s deputy president and incoming CEO Hironori Kamezawa said the bank will combine Grab’s advanced technologies and data management expertise with its financial experience. “We believe that this alliance will also generate additional momentum for our ongoing digital transformation of MUFG,” he said.

Separately, Grab also said that TIS Inc, part of TIS INTEC Group, is investing $150 million in the company.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment