Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 12): Grab and United Overseas Bank Ltd (UOB) have teamed up as regional partners to accelerate the use of digital services among Asean's growing base of digital consumers.

Both companies are also exploring opportunities to launch co-branded credit cards in Asean.

In a joint statement today, they said under the tie-up, UOB will become Grab's preferred banking partner in Singapore, and serve as its credit card partner in Malaysia, Singapore, Indonesia, Thailand and Vietnam.

For UOB, the tie-up will enable it to deliver financial services to Grab's Asean-wide user base and to accelerate its efforts to meet the needs of the region's fast-growing 'mobile-first' and 'mobile-only' consumers.

The bank said it is working with Grab to embed features of its upcoming digital bank features within Grab's mobile app, enabling users to access banking services quickly and conveniently.

This will help pave the way for Grab to offer, directly from its mobile application, a number of payment solutions from UOB, read the statement.

Grab, meanwhile, will be able to leverage on the banking group's cash management services, to provide consumers the convenience of topping up their GrabPay wallet directly from their bank account.

The new top-up method will increase the number of ways that consumers can add money to their GrabPay wallet, which include topping up through credit and debit card or Grab's network of drivers, agents and merchants.

Consumers will also be able enjoy special privileges when paying for Grab services with their UOB cards, it said.

"By combining our strengths, we will offer consumers more convenient payments services regionally and help more people move from cash to cashless," said Grab co-founder and chief executive officer (CEO) Anthony Tan.

UOB deputy chairman and CEO Wee Ee Cheong said the alliance will complement the banking group's efforts to scale up its customer franchise across Asean.

UOB has a network of more than 500 offices in 19 countries and territories in Asia-Pacific, Europe and North America.

Grab, now present in eight countries across the region, reportedly has 110 million user downloads.

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