In a bid to scale its financial services in the region, Grab is rolling out a co-branded credit card across Southeast Asia.
Singapore-headquartered ride-hailing giant Grab on Tuesday will be launching co-branded credit cards with Citi regionally, the firm said in a statement posted on its blog.
Users of the Citi Grab card will benefit from benefits and promotions offered by both firms. The credit card will be available first in the Philippines, followed by Thailand later this year, before hitting other markets in the region.
«The Citi Grab credit card is a natural next step as we create more value for our digital first, always in GrabPay users. This will bring us one step further in realising our vision of becoming the leading everyday super app in Southeast Asia,» said Huey Tyng Ooi, managing director of GrabPay Singapore, Malaysia, and the Philippines.
Move Into Financial Services
Grab previously collaborated with MasterCard to issue prepaid cards targeting Southeast Asia's unbanked or under-served population. The firm has been aggressively moving into financial services, and was reportedly seeking investors for a spin-off of its financial arm.
Citi has worked with Grab on various tie-ups since 2016. Its venture capitalist arm, Citi Ventures, participated in Grab's November 2018 financing round.
