Grab and Tokyo Century Corporation (Tokyo Century), a financial services company in Japan, have entered into a partnership to collaborate on new leasing and rental car options for GrabCar drivers in all six countries where Grab operates.
The six countries are Singapore, Malaysia, the Philippines, Indonesia, Thailand, and Vietnam. The companies already signed a memorandum of understanding (MOU) and as part of the partnership, Tokyo Century has also made a strategic investment in Grab.
Ming Maa, president of Grab said the partnership will help the ride-hailing platform meeting its growing user demand and further extend its market leadership.
“With the broadest portfolio of transportation solutions across Southeast Asia, Grab is proud to offer the largest vehicle fleet of any rideshare platform in the region.”
With the Southeast Asian ridesharing market poised for a rapid growth, Yasushi Yoshino, senior managing executive officer of Tokyo Century, added that through this partnership, it will be able to accelerate the growth of its business through “new types of mobility, such as ride-hailing, develop financial services using the advanced technology of Grab’s digital platform, and expand our auto finance business across Southeast Asia.”
Grab operates one of the largest transportation networks in Southeast Asia. It offers private car, motorbike, taxi, and carpooling services across six countries and 34 cities in Southeast Asia, with one out of every four passengers using multiple services.