Grab ex­pects trans­port as vi­tal as mo­bile pay­ments

New Straits Times - - Business / World -

PHNOM PENH: Sin­ga­pore-head­quar­tered Grab is open to fur­ther ac­qui­si­tions af­ter buy­ing an In­done­sian on­line pay­ments startup, said one of the co-founders of the South­east Asia-fo­cused ride hail­ing ser­vice.

Grab, which com­petes ag­gres­sively with United States-based Uber Tech­nolo­gies Inc in the re­gion, sees its fu­ture in mo­bile pay­ments as much as in trans­port, and ac­quired In­done­sia’s Kudo last month.

The com­pany did not say how much it paid, but it was ear­lier re­ported that it had ex­pected to pay US$100 mil­lion (RM434.39 mil­lion).

“We’re al­ways on the look­out, whether it’s for pub­lic part­ners, pri­vate part­ners, in­or­ganic part­ner­ship and growth or or­ganic growth,” said Tan Hoo Ling, here, on Thurs­day.

The num­ber of users of its GrabPay ser­vice had dou­bled over the past eight weeks, said Tan, with­out giv­ing ac­tual num­bers.

She ex­pects the mar­ket size for pay­ments in South­east Asia at US$500 bil­lion a year, com­pared to US$25 bil­lion for trans­port.

That made it just as im­por­tant for Grab as trans­port, said Tan, who co-founded Grab with fel­low Har­vard Busi­ness School grad­u­ate An­thony Tan five years ago. Reuters

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