Grab's fintech arm reportedly sees 2 senior exits as it consolidates offerings

Grab's fintech arm reportedly sees 2 senior exits as it consolidates offerings

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Chris Yeo and Jeffrey Goh, two senior executives from Grab's fintech unit are reportedly stepping down, shortly after the company announced that it is consolidating its financial offerings under the new brand GrabFin, according to Reuters. Yeo is the MD, head of GrabPay and GrabRewards and has been with the company for close to six years, according to his LinkedIn, while Goh is the head of Grablink, Grab's payment processing business for two years, his LinkedIn said.

This also follows a slew of senior departures over the past few months, the article said. Their exit also follows the departure of Grab's former head of lending, Ankur Mehrotra, as well as the exit of one of Grab's senior tech executives and Grab's head of insurance and wealth, Reuters said.

While Grab did not confirm the departures, its spokesperson said: "Grab has been built on the contributions of many Grabbers over the years and we wish them well when they move on to pursue new opportunities. We also thank them for building a strong bench over the years, and congratulate the Grabbers who are taking on new leadership positions."

The spokesperson added that Grab continues to be focused on the expansion of its regional fintech ecosystem and sees significant opportunity in Southeast Asia across its payments, lending, insurance, and banking businesses. "Our refreshed organisational structure reflects this ambition. GrabFin operations will now be led by our country teams," the spokesperson said.

Grab posted a loss of US$3.6 billion for 2021, rising from US$2.7 billion the previous year. According to Reuters, Grab's shares have lost three-quarters of their value since listing on Nasdaq last December, alongside plunging tech stocks. Last year, Grab underwent a US$40 billion merger with SPAC Altimeter Growth Corp to go public.

Earlier this week, Grab Financial Group unveiled a new brand, GrabFin, for its digital payment, insurance, lending and wealth management offerings. With GrabFin, Grab users will be offered a single entry point to access payment, investment and insurance services on the Grab app. Following its launch in Singapore and Malaysia, the GrabFin brand will be progressively rolled out in other Southeast Asian markets in the coming months.

The new brand aims to offer everyday financial services that are simple to activate with just a few clicks in-app, as well as enable consumers to choose how they use the product with no lock-in period. According to Grab, the launch of GrabFin represents Grab's commitment to empowering Southeast Asia with greater financial access and addresses a consumer preference indicated in a recent Nielsen survey where three in five consumers prefer to access all their financial services on one integrated platform.

Separately, the brand also successfully secured a digital bank licence in Malaysia after entering into a joint venture with Singtel, and Kuok Brothers. Known as GXS Bank, the joint venture is to be licenced under the Financial Services Act 2013.

Photo courtesy: 123RF

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Grab consolidates financial offerings under new brand GrabFin
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