JAKARTA (TheInsiderStories) – Singapore United Overseas Bank Ltd., (UOB) and Malaysian Grab have entered into a strategic alliance to accelerate the use of digital services among ASEAN’s growing base of digital consumers, said the lender on Monday (12/11).
The alliance will enable UOB to deliver financial services to Grab’s ASEAN-wide user base and to accelerate the bank’s efforts to meet the needs of the region’s fast-growing ‘mobile-first’ and ‘mobile-only’ consumers.
Under the alliance, UOB will become Grab’s preferred banking partner in Singapore. UOB will also be a strategic credit card partner for Grab in Singapore, Indonesia, Malaysia, Thailand and Vietnam.
Both companies also explore to launch co-branded credit cards in ASEAN. Grab will also tap the Bank’s cash management services to provide consumers the convenience of topping up their GrabPay wallet directly from their bank account.
Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said, “Our alliance with Grab represents two like-minded companies harnessing our respective strengths to create value for consumers and to drive greater access to financial services in the region. The alliance will also complement our efforts to scale up our customer franchise across ASEAN.”
While, Anthony Tan, Co-founder and CEO, Grab, stated, “By combining our strengths, we will offer consumers more convenient payments services regionally and help more people move from cash to cashless.”
As part of the alliance, UOB will also explore support for Grab in a number of other areas, from fleet financing, regional and centralized treasury management solutions, to workplace banking services.
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