Grab receives a new investment of 80 billion yen (about $ 726 million) from Japan's largest bank, Mitsubishi UFJ Financial Group (MUFG), in a capital and business alliance between the two.
Grab and MUFG plan to announce their cooperation soon, according to a Wednesday (February 19) Nikkei report citing anonymous sources close to the matter.
Under the agreement, the two companies will jointly develop a range of financial services, including loans and insurance, to be introduced in the Grab app.
Grab has continuously expanded its financial arm as one of the units that may drive the business towards profitability.
Earlier this month, Grab acquired Singapore-based robo-advisor startup Bento to take over its retail wealth management solutions.
The service will be renamed GrabInvest and will be launched in Singapore in mid-2020.
Grab is also one of 21 bidders in Singapore currently battling for a digital banking license that the Monetary Authority of Singapore (MAS) will issue by mid-2020.
Together with Singtel, they plan to meet the needs of "digital first consumers" and underserved SMEs if their application is successful.
Selected image source: Reuters / South China Morning Post