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Southeast Asian ride-hailing app Grab expands into lending

AP  |  Jakarta 

Southeast Asian ride hailing app is expanding into in partnership with a Japanese company, hoping to offer credit to millions of people without

Grab, founded by Malaysian Anthony Tan, said today it will use its "huge cache" of customer data from the app to provide ways to measure creditworthiness of people outside the


The ride-hailing app has over a billion transactions a year including and other services.

It said the joint venture with Japan's will initially focus on providing loans to drivers and merchants for purchasing or working capital.

The estimates that more than 260 million people in lack bank accounts, which restricts their access to credit.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 15:40 IST
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