Grab Financial Group has unveiled its new brand GrabFin as well as investment product Earn+.
GrabFin provides users with a single entry point to payment, investment and insurance services on the Grab app.
The GrabFin brand reinforces Grab’s promise to empower the six in 10 financially underserved in the region by providing simple, accessible and flexible financial services in a single platform, said Kell Jay Lim, head of GrabFin.
Following its launch in Singapore and Malaysia, the GrabFin brand will be progressively rolled out in other Southeast Asian markets in the coming months.
Additionally, Grab users will be able to access Earn+, a low-risk investment product with a projected yield of 2%-2.5% per annum. The product offers better potential returns than most saving accounts when held over the short to medium term.
Earn+ will be rolled out to all users in Singapore by the end of the week. Users can start with a minimum investment of $1, with no maximum investment limit or lock-in period.
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“With Earn+, Grab users can put their idle cash to work, and ideally stay invested for the short-to-medium term to ride out volatility and cushion the impact of inflation,” said Wenbin Wong, head of GrabFin Singapore.
Earn+ invests in low-risk, well-diversified mutual funds managed by Fullerton Fund Management and UOB Asset Management.
The fees to maintain actively managed funds across Grab’s Earn+ portfolios are about 0.59% per annum. This is inclusive of fund management fees as well as other costs associated with managing the funds such as custodians, auditors, trustees, and legal advisers.
Users can withdraw funds to their GrabPay wallets instantly or transfer the funds to their bank accounts at any time without incurring any penalties or early withdrawal charges.
