United Overseas Bank and Grab entered into a strategic alliance to accelerate the use of digital services among ASEAN’s growing base of digital consumers.
United Overseas Bank Limited (UOB) has tied up with Grab, a leading transport platform in the region, to let the bank deliver financial services to Grab’s user base and also pave the way for Grab to offer payment solutions from UOB directly from its app.
«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,” said Wee Ee Cheong, chief executive of UOB.
Strategic Credit Card Partner For Grab
Under the alliance, UOB will be a strategic credit card partner for Grab in Singapore, Indonesia, Malaysia, Thailand and Vietnam. Consumers will enjoy certain privileges when paying for Grab services with their UOB cards. Both companies will also explore launching co-branded credit cards in ASEAN. In Singapore, UOB will become Grab’s preferred banking partner.
Grab will also tap the bank’s cash management services to let its customers top up their GrabPay wallet directly from their bank account, on top of pre-existing channels such as via credit and debit card, and Grab’s network of drivers, agents and merchants.
In May this year, Grab announced a partnership with Maybank, South East Asia’s fourth-largest bank by assets. Under that deal, Grab consumers can use GrabPay mobile wallet at GrabPay merchants and also enabled to use their mobile wallet at Maybank’s key merchants, as reported by finews.asia.
