Launched in 2012 as a taxi-hailing app similar to Uber, Grab has expanded its platform to include a variety of services spanning several industries. For example, users can book rides, pay bills, make insurance claims, and buy food, all within the Grab mobile app.
The company already offers financial services such as loans, insurance, payments, and investments. However, according to a recent press statement, Grab aims to eventually transform into a virtual bank offering full-fledged banking services to Southeast Asia.
Of course, the company’s new business model is targeting tech-savvy Millenials, taking advantage of its already-existing customer base by offering them convenient financial services — a common strategy amongst all emerging super app giants.
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