Grab Financial Group Enhances Loan Offerings During Covid-19

Grab’s financial services arm, Grab Financial Group, has said it will expand its delivery and driver partner loan offerings and introduce new loan options for merchant-partners, as part of its plans to enhance its loan products and service offerings.

Grab is committed to helping SMEs overcome the dire consequences of the Covid-19 pandemic through financial solutions focused on accessibility and affordability.

The company expects the move shall help its partners address the specific challenges they face during the health crisis. According to Worachat Luxkanalode, Thailand Country Head of Grab Financial Group, it would offer more affordable financial products and relief measures that effectively meet the economic challenges and financial circumstances of these SMEs at this time.

In this regard, the enhancements announced by Grab Financial Group include the expansion of loan offerings for drivers and delivery partners.

Drivers and delivery partners will have access to extended loans to cover all the provinces where Grab operates. This comprises expanding the smartphone and electronic device options available through installment payments to help their drivers to maintain their livelihoods and businesses more easily.

The second enhancement is the introduction of new merchant-partner loan products or a business partner cash loan product.

With the cash loan product, Grab plans to provide a source of working capital funds and increase liquidity to assist during these Covid-19 times.

The company expects to launch electronics financing from June this year, to help restaurant entrepreneurs expand their projects and ease the burden of investment in electrical appliances that can slow down their path to success.