Grab, the Singapore-based company, will roll out a micro-investment product called AutoInvest that allows users to set aside as little as a dollar into third-party funds via Grab’s app. It will also offer consumer loans, letting users borrow money from Grab’s bank partners.
Reuben Lai, senior managing director of Grab Financial, said the company has an advantage over its rivals because it has more “touch points” as its millions of customers already use the app to hail rides and order meals. Grab’s customer acquisition costs are a “fraction” of those at traditional banks, letting the company cross-sell financial products more easily, he said. “We will focus on what we are good at; our strength is customer engagement, acquiring customers, creating tools and products,” Lai said in a video interview Tuesday. “If I look across the region, there aren’t that many ecosystems that touch everyday life of consumers.”