SINGAPORE: Grab, South-East Asia’s most valuable startup, raised more than US$850mil from Japan’s Mitsubishi UFJ Financial Group Inc. and TIS Inc. to bankroll its expansion into financial services in the region. The sum includes US$706mil from MUFG, Japan’s largest bank, and US$150mil /from TIS, a provider of data centre and cloud services, according to joint statements from the companies. Backed by SoftBank Group Corp, Grab has been expanding into financial services, building on its ride-hailing, food delivery and e-wallet offerings in an effort to become a one-stop shop for on-demand services in South-East Asia. Grab will co-develop financial products and solutions with the two investors, President Ming Maa said in a statement. Grab will give "first-choice bank” status to MUFG and its South--East Asian units, including PT Bank Danamon Indonesia and Bangkok-based Bank of Ayudhya Pcl.

Source: The Star February 25, 2020 15:33 UTC