Tag: Grab

Singapore – The Competition and Consumer Commission of Singapore has stated that the proposed Grab and Trans-cab raises competition mergers following its Phase 1 review. The competition initially opened public feedback on the merger around August this year.

According to the commission, they need to review the competition effects of the proposed acquisition in greater detail.

They added that the greater amount of feedback they received from notes on concerns on the effect of Grab’s ownership of the Trans-cab fleet on Trans-cab drivers’ usage of rival ride-hail platforms, and may raise barriers to expansion and entry for Grab’s rival ride-hail platforms, given the importance of scale in the ride-hail platform industry.

“At this stage, the parties may offer commitments to address the potential competition concerns of the proposed Acquisition raised by CCCS. Otherwise, CCCS will proceed to a more in-depth phase 2 review of the proposed acquisition upon CCCS’s receipt of the relevant documents from the parties. commitments may also be offered at any time during a phase 2 review,” they stated.

Grab announced that it is acquiring Trans-cab back in July this year, stating back then that the acquisition will cover Trans-cab’s taxi and car rental business, maintenance workshop, and fuel pump operations.

Singapore – Mobile technology company Grab has partnered with payments technology company Circle Internet Financial (Circle) to bring the first-ever Web3 customer experience in the country via the launch of ‘Grab Web3 Wallet’ in the Grab app. 

Through this partnership, Circle’s new Web3 Services platform is integrated into Grab’s mobile app. With this, Singapore-based users can now set up a blockchain-enabled wallet, earn rewards and collectibles, and use non-fungible token (NFT) vouchers.

Circle Web3 Services aim to help both existing Web 2.0 internet companies and new pure-play Web3 start-ups safely and easily bring the power of stablecoins, digital assets, and smart contracts to consumer and enterprise applications.

Launched as a pilot for the SG Pitstop Pack, the ‘Grab Web3 Wallet’ supports the use of these NFT vouchers at popular stores and adventures in Singapore during the F1 Singapore Grand Prix. Furthermore, the collaboration between Circle and Grab supports the Monetary Authority of Singapore’s (MAS) Project Orchid initiative as a real-world demonstration of purpose-bound money.

Jeremy Allaire, co-founder and CEO at Circle, said, “Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab’s customers brings us closer to realising the full potential of responsible digital asset innovation.” 

Meanwhile, Dante Disparte, chief strategy officer and head of global policy at Circle, shared, “Circle is thrilled to partner with Grab to accelerate adoption of blockchain-powered innovation and support Singapore’s forward-thinking vision as a leading global hub for responsible digital asset innovation.”

Kuala Lumpur, Malaysia – GXBank, a digital bank bank by Grab and Singtel, has been approved by the Minister of Finance and Bank Negara Malaysia (BNM) to commence its operations in Malaysia.

GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSMEs). Moreover, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms.

The digital bank is led by Pei Si Lai as its chief executive officer, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.

Supporting GXBank is the newly appointed board of directors, spearheaded by Datuk Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.

“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life,” Lai stated.

She added, “Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind.”

Meanwhile, Zaiton commented, “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational banking experience. We hope this will enable more Malaysians to be financially independent, creating a better future for themselves, their families and the country.”

Singapore – Tin Pei Ling, an elected member of the Singaporean parliament, has announced her exit from Grab as its director of corporate development, seven months after she took said role.

In a LinkedIn post, she said that she looks forward to embarking on a new journey in her career, and take on a more external-facing and commercial role in the tech sector.

“In the time that I have been with Grab, I am privileged to meet many talented Grabbers with great personalities and get involved in several projects. These are meaningful experiences and memories that I will continue to hold dear and be thankful for,” she said.

While she didn’t mention where she will be moving next, Pei Ling hinted that she will be joining a fintech company, where she will take on a leadership role in strategic partnerships and business development.

“I am excited that this new role will give me the opportunity to support the company’s product innovation efforts and expansion into key Asia-Pacific markets,”

She also mentioned that she has been thankful for her time at Grab, noting she admired the company’s social mission in the Southeast Asian region.

“It has been an invaluable experience for me at Grab, as it was an opportunity for me to return to the private sector, to broaden my horizons, hone new skills and allow me to make a contribution in a different way. I admire Grab’s social mission – ‘to drive Southeast Asia forward by creating economic empowerment for everyone’,” she concluded.

She was first elected as an MP for the Marine Parade GRC back in 2011, and was re-elected in 2015 and 2020 for the MacPherson SMC. She has been also appointed as Chair of the Government Parliamentary Committee for Communications and Information in the 14th Parliament.

Singapore – GrabAds, the advertising arm of Southeast Asian superapp, Grab, has released its latest travel-centric report, showing that around 72% of respondents plan to travel abroad in the next 12 months, jumping from just 39% when borders reopened in 2022, indicating the travel intent has climbed by 84% in just a year.

According to the data provided by GrabAds, brands should take this as an opportunity to switch gears from short-term “revenge travel” campaigns to planning long-term repeat-customer strategies.

The report reveals main factors that justify why this is the case with Southeast Asians, such as families prioritizing ‘stress-free’ options in accommodation, business travelers seeking booking convenience, and travelers wanting certainty upon reaching their destination. 

Moreover, the survey states that 78% of respondents are not subscribed to any hotel loyalty programme. Considering that 73% of them plan an average of three leisure trips in the next 12 months, there’s undoubtedly room for repeat business, which the report acknowledges as an opportunity to educate would-be travelers on hotel loyalty programs and associated benefits. 

Talking about the report, Jennie Johnson, head of marketing at GrabAds, said, “GrabAds data revealed a massive increase of 84% in international travel intent compared to just one year ago. Last year, brands may have focused on short-term impulse campaigns based on pent-up lockdown FOMO (fear of missing out) – but they now need to shift towards developing long-term relationships with savvy Southeast Asian travelers as they dream, plan, book and experience travel.”

“It could be as simple as maintaining year-round communication with consumers or utilizing online to offline channels to promote the latest offers. For example, the campaign we’ve built with Media Bank Inc. for the Japan Tourism Agency utilizes our Grab fleet and app to creatively target users of our platform. At GrabAds, we look forward to working closely with travel and tourism brands to innovate and provide an exciting, dynamic travel experience for Southeast Asian jetsetters,” she added. 

Singapore – Grab has announced that it will acquire Trans-cab, one of the largest taxi operators in the country. The acquisition will cover Trans-cab’s taxi and car rental business, maintenance workshop, and fuel pump operations. At the moment, Trans-cab’s combined taxi and private-hire-vehicle (PHV) fleet has more than 2,500 vehicles registered.

Grab plans to launch an enhanced Grab Driver application that will be integrated with the Mobile Display Units in Trans-cab taxis. The app will enable Trans-cab taxi drivers to manage their earnings and receive bookings from the Grab platform as well as Trans-cab’s existing call centre, all through a single platform. 

With Grab’s allocation technology, Trans-cab drivers will be assigned bookings in a highly efficient and intelligent way, maximising their productivity so they can earn more. 

Moreover, Trans-cab drivers that join the Grab platform will also receive benefits offered to all Grab driver-partners, including free coverage through Grab’s Personal Accident Insurance whenever they are online on the Grab platform, as well as access to GrabAcademy, where they can pick up skills from a wide range of free courses from data analytics to supply chain management and digital marketing. Driver-partners can also participate in Grab’s loyalty programs for additional rewards.

Teo Kiang Ang, founder and chairman of Trans-cab, said, “Trans-cab is very close to my heart, and our taxi drivers are like family. Together with them, we grew Trans-cab from just a small fleet of 50 taxis two decades ago, to become Singapore’s second largest taxi company at one point. As we consider their future and what is best for them, I feel assured that with Grab, we have found the right partner to hand over Trans-cab to, who will do what is best for the drivers and the business.”

Meanwhile, Yee Wee Tang, managing director at Grab Singapore, commented, “Teo’s story is truly inspiring. He built multiple successful businesses from humble beginnings and we’re incredibly proud to continue part of his legacy. Trans-cab is a very well-run taxi company and there is a lot that we can learn from Mr. Teo and the Trans-cab team. We look forward to welcoming the Trans-cab fleet and team into ours.”

He added, “We see this as a strategic match with win-win-win outcomes for all. By boosting the number of drivers on our platform and helping them to operate more efficiently, we improve how quickly and reliably we find a ride for our passengers, whenever they need one.”

Singapore – Regional ride-hailing and super-app Grab has announced that it is laying off 1,000 of its employees. Said update was part of the company’s restructuring effort.

In a letter sent by current Grab CEO Anthony Tan to employees, he said that the company needed to adapt to the ever-changing environment of their industry ecosystem, with cost of capital going up, directly impacting the competitive landscape.

“We believe fundamental step-changes in our operating model and cost structure are needed to build our competitive moat for the longer-term. The primary goal of this exercise is to strategically reorganise ourselves, so that we can move faster, work smarter, and rebalance our resources across our portfolio in line with our longer-term strategies,” he stated.

Tan has noted that impacted employees will receive various benefits from Grab in terms of financial, professional and medical support.

Moving forward, he said that all of these changes were made with great care and consideration from the company’s higher-ups.

“We recognise that change can be incredibly challenging, and the decisions made have been weighed with great care and consideration with all our leaders. Our priority is to support impacted Grabbers throughout this transition [and] we are committed to providing resources and assistance to help ease the process,” he concluded.

The new layoffs come after Grab underwent a massive corporate restructuring, with its co-founder Tan Hooi Ling stepping down from her operating roles, and transitioning into an advisory role for the company.

Singapore – Southeast Asian ride-hailing super-app Grab has announced that its co-founder Tan Hooi Ling is stepping down from her operating roles in the company, including her directorship, by the end of 2023. With this, Ling will be transitioning into an advisory role for the company.

She co-founded Grab with Anthony Tan, group CEO, in 2012, and worked at other companies in the United States before rejoining Grab in April 2015. She led various operations and technology teams as chief operating officer until the appointment of Alex Hungate in January 2022. 

She currently leads Grab’s technology organisation, and is mentoring the next-generation of technology leaders, including Suthen Thomas, Grab’s group chief technology officer, and Philipp Kandal, chief product officer. Ling has also served as a member of Grab’s Board of Directors since its public listing in December 2021.

Speaking on the new development, Ling said, “Grab has been one of the most fulfilling experiences of my life. The impact we create is a reflection of who we are as a team, and I am humbled to have been able to walk alongside Anthony and the many amazing Grabbers who share the same values and work ethic to build something that improves lives in Southeast Asia.”

She added, “People who know me well know that I am an adventurer at heart, and there are many other personal passions that I have put aside to build Grab with Anthony. With the strong leadership bench we currently have, I believe now is the right time for me to pass on the baton to our next generation of leaders, and to pursue these other passions. I look forward to seeing how Suthen, our first engineering leader who understands the nuts and bolts of Grab and the region, and Philipp, an entrepreneurial and customer-centric product leader, take our technology teams to greater heights.”

Meanwhile, Tan commented, “I have enormous respect and love for Ling, as both a business partner and a good friend. We set the vision to build a double, now triple, bottom line company together, and I am so blessed to have found a true partner who cares deeply about the impact we create for Grabbers, our partners and our region.” 

He added, “Ling has invested herself fully into setting up the right leadership bench and cultural foundations for Grab to thrive for the long-term, and while I will miss working with her dearly, I thank her for the many years of trust and partnership, and wholeheartedly support her decision to pursue her personal passions.”

Manila, Philippines – Following a recent ₱9m fine by the Philippine Competition Commission (PCC), Grab Philippines has stated that it is now evaluating its legal options regarding the fine, stating that it has been proactive at communicating with the PCC in regards to alternative options in reimbursing the fees to consumers.

A spokesperson for Grab Philippines said that while they are surprised with the new fine PCC has given them, they are glad that the PCC has finally come to a decision on the disbursement mechanism for the remaining administrative fees.

“Grab Philippines has always been 100% committed to fully depleting the unclaimed admin fees, and have made every effort we can to do so. We proposed alternative disbursement mechanisms and are surprised that the PCC made a decision in February 2023 without informing us – given that we’ve been regularly following up with them,” the spokesperson said.

The company also added that they will abide by the recent PCC order in regards to the alternative refund mechanism as required by the order.

The fine imposed by the PCC is composed of a ₱6m fine where Grab violated three separate commission orders for the company to return a combined ₱25.45m to its customers. The other ₱3m fine is in regards to Grab providing incorrect and misleading information in the compliance reports that the company submitted with respect to the refund orders.