Grab faces tough digital bank fight as tech rivals muscle up

Singapore

DESPITE fresh firepower valuing it at US$3 billion, Grab's fintech arm faces a tough fight in South-east Asia. This is particularly so since its tech rivals, Sea and Gojek, have scooped up stakes in Indonesian banks amid the consolidation of the country's financial services sector.

On Thursday, Grab announced that its fintech unit, Grab Financial Group (GFG), has raised US$300 million in Series A funds led by Korea's Hanwha Asset Management, confirming earlier media reports.