Japan’s Mitsubishi UFJ Financial Group Inc. (MUFG) is set to invest more than $700 million in Southeast Asian ride-hailing giant Grab. According to Bloomberg, the MUFG intends to market a range of financial services from insurance to loans to Grab’s users.
Founded in 2012, Grab describes itself as Southeast Asia’s leading super app that provides transportation, logistics, and financial services. The company is on a mission to solve key problems in the region and improve the lives of millions through technology.
“Life as a Grabber means succeeding in a culture of passion and innovation. We are hungry to make a difference, and recognise that good decisions often come from the heart. We are humbled by our communities, and are proud to serve them with honour. We come from all over the world, united by a common goal to make life better everyday for our users.”
The investment from MUFG comes just weeks after Grab announced it is set to acquire Bento Invest Pte Ltd, a Singapore-based robot-advisory startup. Grab reported that with the acquisition, Bento will be rebranded to GrabInvest, which will be a new core business vertical under Grab’s financial services arm, Grab Financial Group, led by Chandrima Das, founder, and CEO of Bento. Grab further explained the service:
“GrabInvest aims to democratise access to retail wealth management products, in order to provide millions across Southeast Asia with the opportunity to save and invest in financial products traditionally limited to affluent individuals and institutional investors. GrabInvest aims to make wealth management services accessible by adopting a low-cost model, easy to understand by allowing users to transact on a platform they are familiar with, transparent by having full disclosures on fees with zero hidden elements, and trusted by adhering to consumer protection standards outlined by our Monetary Authority of Singapore (MAS) Capital Markets Services (CMS) license.”
According to Bloomberg’s sources, MUFG and Grab will be announcing their alliance soon