It will introduce its co-branded mobile app GrabPay by KBank in Thailand in 2019.
Grab raised an additional $68.6m (US$50m) from Thai financial conglomerate KASIKORNBANK (KBank) whilst marking its entry into Thailand’s cashless payment market, an announcement revealed.
Under the partnership, the two firms will launch mobile payment application GrabPay by KBank as well as a suite of other financial solutions in Thailand as soon as early 2019.
Whilst 68% of all transaction in Thailand are carried out in cash, the partnership aims to make it easier for consumers and entrepreneurs to adopt cashless transactions in a number of ways.
Grabpay by KBank will allow Grab customers to pay for transport and delivery services, transfer funds to family and friends, purchase products and services online, as well as make QR-code payments in restaurants and shops across Thailand, the announcement stated.
“We look forward to developing innovative financial products together, which will put KBank in a position to tap into the rapidly growing digital economy across the region,” KBank’s president Patchara Samalapa said.
Features from KBank’s K PLUS app and the Grab app will also be integrated across both apps starting in 2019 which will enable users to benefit from seamless services across the KBank and Grab ecosystem, Grab revealed.
Meanwhile, KBank and Grab are reportedly looking into offering services such as loans and access to Grab for Business to help merchants grow their businesses and improve transport expense management, the announcement added.
Grab is on track to raise over $4.12b (US$3b) by the end of 2018, the statement revealed. Its current investors include Hyundai Motor Group, Booking Holdings, Microsoft, Toyota and financial institutions such as Citi Ventures and Goldman Sachs Investment Partners.
The investment is a first for KBank in an international company with a core business outside of Thailand, according to the statement.
Following the investment, Grab Financial has entered its sixth market across ASEAN after Singapore, Malaysia, Indonesia, Vietnam and Philippines which makes it the first and only fintech platform to launch e-money licensed payments across all six major countries, Grab highlighted.
“In 2018, Grab Financial has established itself as Southeast Asia’s leading fintech platform, both in terms of monthly active users (MAU) and total payments volume (TPV),” Grab Financial senior managing director Reuben Lai said.
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