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Grab, Fave form strategic partnership to boost growth across Singapore and Malaysia
GRAB and deals platform Fave - formerly Groupon Singapore - announced on Thursday that they have formed a strategic partnership to accelerate their growth across the Asean region.
As part of the partnership, Fave will bring onboard merchants for GrabFood and GrabPay in Singapore and Malaysia, beginning this week.
Later in October, Fave will add the GrabPay mobile wallet to its platform, enabling Fave customers to spend their GrabPay credits at restaurants and retailers on the Fave network, and also on Fave deals.
Users can spend their credits across multiple categories on Fave - from food and beverage to beauty, massage, fitness, travel, and attractions - and enjoy discounts and cashback, said Grab and Fave in a joint media statement.
Fave's founder Joel Neoh said: "By providing GrabPay wallet as a payment option on the Fave platform, our merchants will immediately benefit from additional customer traffic from the millions of people who use the Grab platform daily."
Integrating the GrabPay wallet on Fave's platform was done via GrabPlatform, a suite of APIs (application programming interface) which enables partners to access components of Grab's technology like logistics and payments. The firms highlighted the move is a "first of its kind" integration for a partner app for GrabPlatform.
Going forward, both Grab and Fave said they will explore ways to help small and medium-sized enterprises grow, and focus on integrating more services on both platforms, including FaveDeals (Fave's deals and cashback platform), GrabPay's QR code payments service and the GrabRewards loyalty programme.
"We've always believed that in order for the region to go cashless, we would need a collaborative approach and are happy we can now count Fave, one of the fastest growing O2O (online-to-offline) platform in South-east Asia as a strategic partner," said Reuben Lai, senior managing director of Grab Financial.
"As the region's leading fintech platform, we will increasingly offer integrations through GrabPlatform. This allows more local and global partners to tap into previously untapped consumers and grows the Grab ecosystem as an everyday app," he added.