UOB inks deal with Grab to accelerate use of digital services
SINGAPORE: The United Overseas Bank Ltd (UOB) and ridehailing app Grab have announced a strategic alliance to accelerate the use of digital services among Asean’s growing base of digital consumers.
The alliance will enable UOB to deliver financial services to Grab’s Asean-wide user base and to accelerate the bank’s efforts to meet the needs of the region’s fast-growing “mobilefirst” 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.
“Innovation created by enterprising minds has helped transform consumers’ lives, opened up opportunities for sustainable business and connected communities in ways not seen before,” said UOB deputy chairman and chief executive officer (CEO) Wee Ee Cheong.
“The alliance will also complement our efforts to scale up customer franchise across Asean,” he said.
Grab co-founder and CEO Anthony Tan welcomed UOB as a strategic partner in Singapore and across the region.
“To have one of the largest banking groups in Southeast Asia join hands with us underlines the potential of Grab’s user base and platform to drive business success for our partners.
“By combining our strengths, we will offer consumers more convenient payment services regionally and help more people move from cash to cashless,” he said.
Under the alliance, 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.
Consumers will enjoy special privileges when paying for Grab services with their UOB cards.
Both companies will explore on co-branded credit cards in Asean.
Grab will also tap UOB’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 consumers can add money to their GrabPay wallet, which includes topping up through credit and debit cards or Grab’s network of drivers, agents and merchants.