The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

Grab, AirAsia and Go-Jek lead Asean corporate charge into payments

Three transport groups push into financial services; financial inclusion intended as a profitable mainstay.

Go-Jek-R-780

Alibaba and Tencent have demonstrated that the world of payments is no longer the exclusive territory of banks.

Their model is now gaining traction in southeast Asia, where a Singapore-based, Indonesia-focused transport platform and a Malaysian budget airline announced plans to move into financial services within three days of one another.

Singapore’s Grab and Malaysia’s AirAsia announced the launch of Grab Financial and BigPay respectively, joining Indonesia’s motorbike-based ride-hailing firm Go-Jek, which acquired three local fintech firms in December and combined them into its Go-Pay brand.

All three institutions made landmark presentations at the Money 20/20 conference in Singapore this week.

Grab’s move is not surprising, and indeed Euromoney predicted it in 2016, since the Singapore-based ride-hailing service has talked for at least two years about the lack of a universal payments platform in southeast Asia and has had a payments business through its GrabPay brand throughout.

It was already partnered with Bank Mandiri in Indonesia, Lippo Group, Alipay and Citi, the latter in a scheme allowing card customers to burn loyalty points in exchange for taxis.

However, the scale of Grab Financial at launch is impressive.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree