Deals

Grab Chases Southeast Asian Wealth Clients ‘Unhappy’ With Banks

Bank fees are expensive, President Ming Maa says in interview
Grab is applying for a digital banking license in Singapore

Ming Maa, Grab President, discusses his company’s further expansion into financial services in 2020. He speaks exclusively with Bloomberg’s Taylor Riggs and Paul Allen on “Bloomberg Markets.” (Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Chanyaporn Chanjaroen and Candy Cheng

February 6, 2020 at 4:24 AM UTC

This article is for subscribers only.

Grab Holdings Inc. is looking to broaden its financial product offerings for the Southeast Asian wealth market, where it plans to fill a gap left by banks, President Ming Maa said.

“Over 40% of our customers are unhappy with their current banking partners, whether it’s very expensive fees, hidden fees” or long waiting times, Maa said in an interview with Bloomberg Television from San Francisco. “We want to make banking as simple as ordering a ride.”