Grab to invest US$100m to expand in Myanmar

Its rival Uber also launched its services in the country this year.

CNBC reported that ride-hailing platform Grab plans to invest US$100m over the next three years to expand its presence in Myanmar, extending its battle with Uber Technologies in the region.

Grab said it wanted to launch its payments platform, GrabPay, and build a local team of up to 200.

Both Grab and Uber launched services in Yangon earlier this year seeking growth in a market where internet penetration has exploded from next to nothing a few years ago to nearly 90% now, with more people turning to apps and mobile services.

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