Grab, one of Asia's preeminent super apps offering food delivery and ride services, has announced its plans to further tackle the realm of personal finance.
Launched in 2012 as a taxi-hailing app similar to Uber, Grab has expanded its platform to include a variety of services spanning several industries. For example, users can book rides, pay bills, make insurance claims, and buy food, all within the Grab mobile app.
The company already offers financial services such as loans, insurance, payments, and investments. However, according to a recent press statement, Grab aims to eventually transform into a virtual bank offering full-fledged banking services to Southeast Asia.
Of course, the company's new business model is targeting tech-savvy Millenials, taking advantage of its already-existing customer base by offering them convenient financial services -- a common strategy amongst all emerging super app giants.
All-In-One Asian Super Apps
Grab, Asia's "Everyday Everything" App, Aims to Become a Virtual Bank
Trend Themes
1. Super App Expansion - Companies in various industries could expand their offerings into a super app format in order to provide more convenient and connected services to customers.
2. Virtual Banking - With the rise of super apps like Grab, there may be an opportunity for more companies to invest in virtual banking services in Southeast Asia as more people move towards mobile banking.
3. Tech-savvy Personal Finance - As people become more reliant on mobile devices for their daily needs, financial institutions may want to invest in creating more streamlined, tech-savvy personal finance options.
Industry Implications
1. Ride Services - Companies that provide ride services, like Uber and Lyft, could expand their offerings to include financial services in order to compete with emerging super apps.
2. Food Delivery - The food delivery industry may benefit from offering more personalized financial services through their mobile apps to appeal to customers who are already using them frequently.
3. Banking and Finance - Traditional banks and financial institutions may benefit from investing in more streamlined and mobile options to better compete with emerging virtual banking options from super apps like Grab.