MUFG Bank to Invest 80 B. Yen in Ride-Hailing App Grab
Tokyo, Feb. 20 (Jiji Press)--MUFG Bank will form a capital and business alliance with Singapore-based major ride-hailing app Grab, with the view to collaborating on retail financial services, informed sources have said.
The major Japanese bank, together with its group companies, will invest up to 80 billion yen, or about 720 million dollars, in Grab, according to the sources.
The partnership comes as MUFG Bank is working to strengthen Southeast Asian operations.
Grab's "super" app, offered in Southeast Asia, allows users to order delivery meals and make hotel reservations and payments, in addition to sharing rides and hailing taxis.
MUFG Bank aims to leverage the partnership with Grab to extend its reach to customers to include those who are strangers to traditional banks.
[Copyright The Jiji Press, Ltd.]