Grab in tie-up with UOB for financial services in region

UOB and Grab have entered into an alliance that will see UOB delivering financial services to Grab's user base in Asean.

UOB said the partnership is part of UOB's efforts to meet the needs of the region's fast-growing mobile-first and mobile-only consumers, and will pave the way for Grab to offer directly from its app a number of the bank's payment solutions.

Under the alliance, UOB will become Grab's preferred banking partner in Singapore, and a strategic credit card partner in Singapore, Indonesia, Malaysia, Thailand and Vietnam.

Consumers will enjoy special privileges when paying for Grab services with their UOB cards. Both firms said that they will explore launching co-branded credit cards in Asean.

Grab will also introduce a new top-up method for the GrabPay wallet, where users can top up their e-wallet directly from their UOB bank account. Current methods include topping up through credit and debit card or Grab's network of drivers, agents and merchants.

UOB is currently working with Grab to embed features of its upcoming digital bank within Grab's mobile app, enabling users to access banking services quickly and conveniently.

"Through these initiatives, consumers will be able to enjoy a fully digital and seamless banking and payments experience, from the moment they apply to open an account through to managing their everyday lifestyle needs when using the app," said both parties in a joint statement.

UOB will also explore support for Grab in a number of other areas, including fleet financing, regional and centralised treasury management solutions and to workplace banking services.