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Grab forms venture with Japan's Credit Saison for lending services

Reuters  |  SINGAPORE 

(Reuters) - Southeast Asia's has formed a venture with Japanese credit card company Co Ltd to provide in the region, marking the ride-hailing firm's biggest expansion into

It will be part of newly launched Financial, which offers services ranging from payments to rewards and loyalty services, the firms said in a statement on Tuesday.

The joint venture firm, Asia, plans to offer It aims to leverage Grab's network of millions of consumers and small businesses as well as data on consumer behaviour, then marry it with Credit Saison's expertise in credit analysis and consumer lending.

"Asia is building a reliable alternative to traditional credit scoring methods that is customised for the unbanked majority of consumers and small businesses in Southeast Asia," said Jason Thompson, of

Grab, which started as a taxi-hailing app firm and competes with Uber, has been expanding into financial services over the last two years by acquiring companies and forming partnerships to spread usage of its mobile wallet.

The new venture will also look at offering credit scoring services to financial firms who can use the information to provide other services such as virtual credit cards.

Thompson declined to provide financial details of the venture with

Grab operates in eight countries in and its app has been downloaded on more than 86 million It offers ride-hailing, and delivery services.

Grab also said it had partnered with to offer to Grab's 2.6 million drivers.

(Reporting by and Anshuman Daga; Editing by Edwina Gibbs)

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

First Published: Tue, March 13 2018. 12:41 IST