Grab PH to reportedly expand into fintech market

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Ride-hailing and food delivery company Grab Philippines is reportedly looking to expand its financial service offerings and is eyeing a chunk of the Philippines fintech market.

While the company does want to finance individuals other than its driver and merchant ecosystem in the future, it is currently focused on supporting the company’s ecosystem, said Martha Elaine Borja, country head, Grab Financial Group PH, as reported by ABS-CBN News.

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Grab Financial Group Philippines said it has already been providing sachet financial services to its partner drivers and food merchants for at least three years now. The services include micro-insurance products for their drivers and merchant cash advances to allow merchants to boost their businesses.

Grab’s thrust is to provide social economic empowerment in Southeast Asia which is why Grab also looks at new business models and tools for its various stakeholders, added Borja.

Borja reportedly also said that the company has a lot of headroom in terms of growth in the coming year.

This comes shortly after hundreds of riders reportedly protested along Tomas Morato in Quezon City over the alleged unfair labour practices of Grab.

According to PhilStar Global, members of the National Union of Food Delivery Riders opposed the implementation of Grab’s new fare matrix, saying it would greatly reduce their earnings.

Riders also reportedly accused Grab of inadequate health insurance as the company only offers medical reimbursement.

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