KBank makes a $50 million strategic investment in Grab
KASIKORNBANK (KBank) announces a strategic investment of $50 million in Grab, Southeast Asia’s leading online-to-offline (O2O) platform, as part of Grab’s ongoing fundraising round. The strategic partnership aims to transform the Grab experience for Grab’s users, driver-partners, merchants and agents, by leveraging KBank’s expertise in digital banking.
The partners will launch a portfolio of seamless on-demand services, including GrabPay by KBank, a co-branded mobile payment application, as well as a suite of other financial solutions which are planned to be launched in 2019.
Tarin Thaniyavarn, Country Head of Grab Thailand the new mobile wallet will allow more Thais access to digital payments, which are safer and more convenient than cash.
Patchara Samalapa, President, KASIKORNBANK said the partnership with Grab opens up new opportunities to innovate in a rapidly evolving industry and growth region. KBank has bold ambitions of becoming the digital bank of choice in the region. “Our co-branded mobile wallet and strategic investment in Grab enables us to bring Grab’s scale to our merchant and consumer network in Thailand. This is the first time KBank (through Beacon VC) has made a venture capital investment in an international company with core business outside Thailand, calling to attention the size of the opportunity Grab’s ASEAN-wide user base offers, even to leading financial institutions like KBank.
This deal is also the highest stage VC investment by a Thai investor to date. We look forward to developing innovative financial products together with Grab, which will put KBank in a position to tap into the rapidly growing digital economy across the region.”
The agreement will see both parties collaborate on a co-branded mobile payment application and financial solutions including GrabPay by KBank – Mobile wallet in Grab app which will allow Grab customers to pay for transport and delivery services, transfer funds to friends and family, purchase products and services online, and make QR-code payments in restaurants and shops across Thailand. Integration between K PLUS and Grab Application will enable users to benefit from seamless services across the KBank and Grab ecosystem, starting 2019. Offering KBank and Grab products to stakeholders in KBank and Grab ecosystem – KBank and Grab will also work together to jointly offer products to their customer base, including KBank loans to help Grab’s drivers access funds, as well as giving KBank SME customers access to Grab for Business to improve corporate transport expense management as well as increase brand awareness and engagement through Grab’s advertising solutions.