- Title: Ride-hailing firm Grab plans major investment in Vietnam - top executive
- Date: 26th August 2019
- Summary: SINGAPORE (AUGUST 22, 2019) (REUTERS) (SOUNDBITE) (English) GRAB'S PRESIDENT MING MAA SAYING: "And I think we're just at the tip of the iceberg for financial services. Over the last two years we have developed the largest payment wallet in the region and from that network now we have tremendous data insights around all the individuals within our network. Now, taking those data insights and then creating very specific insurance products, very specific credit products and then very specific, ultimately, wealth management products, is really a very long term goal for us."
- Embargoed: 9th September 2019 04:30
- Keywords: Singapore Grab banking service Vietnam business
- Location: SINGAPORE
- City: SINGAPORE
- Country: Singapore
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA003ATUS2A5
- Aspect Ratio: 16:9
- Story Text:Singapore-based ride-hailing firm Grab is set to invest "several hundred million dollars" in Vietnam where the company sees its next major growth market, just weeks after it unveiled a $2 billion plan in Indonesia.
The proposed investment is the latest example of a top-notch regional brand deepening its commitment to Vietnam, one of Asia's fastest growing economies. It also shows the eagerness of Grab, which has raised billions of dollars from investors to put its cash to work.
"We're very excited about Vietnam. We see very similar characteristics to Indonesia," Grab President Ming Maa told Reuters in an interview.
Grab and rival Indonesia-based Go-Jek are evolving from ride-hailing app operators to become one-stop shops for services such as payment transactions, food delivery, logistics and hotel bookings in Southeast Asia.
Grab, with its app on more than 160 million mobile devices across eight countries, has said its Indonesia investment aims to build a next-generation transport network and transform how critical services such as healthcare are delivered.
The Southeast Asia's biggest start-up with an estimated valuation of about $14 billion, is also betting on its payments business to fuel growth in financial services.
Southeast Asia's internet economy is expected to exceed $240 billion by 2025, a joint study by Google and Temasek Holdings showed in November, a fifth more than previously estimated, as more consumers use their smartphones to go online.
(Production: Pedja Stanisic, Angie Teo)
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