Grab, UOB team up to accelerate use of digital services in Asean

This article first appeared in The Edge Financial Daily, on November 13, 2018.
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KUALA LUMPUR: Ride-hailing firm Grab and United Overseas Bank Ltd (UOB) have teamed up to accelerate the use of digital services among Asean’s growing base of digital consumers.

Under the alliance, UOB will deliver financial services to Grab’s Asean-wide user base and accelerate the bank’s efforts to meet the needs of the region’s fast-growing “mobile-first” and “mobile-only” consumers.

It will also pave the way for Grab to offer directly from its app a number of payment solutions from the bank’s holistic suite.

“UOB will become Grab’s preferred banking partner in Singapore. UOB will also be a strategic credit card partner for Grab in Singapore, Indonesia, Malaysia, Thailand and Vietnam,” they said in a joint statement yesterday.

Both companies will also explore launching co-branded credit cards in Asean.

UOB deputy chairman and chief executive officer (CEO) Wee Ee Cheong said the alliance will complement the bank’s efforts to scale up its customer franchise across Asean.

As part of the alliance, UOB said it will also explore support for Grab in a number of other areas, from fleet financing, regional and centralised treasury management solutions, to workplace banking services.