Southeast Asia is home to about 640 million people, many of whom are connecting to the internet for the first time. A commonly cited report from Google and Singapore’s Temasek Holdings predicted the region’s internet economy will exceed $240 billion by 2025 as affordable mobile internet drives rapid growth in sectors like e-commerce and ride-hailing.
The region also has a large under-banked and unbanked population, which has turned it into a battleground for financial technology, or fintech, companies such as Grab Financial, Gojek, Sea, Alibaba-affiliate Ant Financial and Chinese tech giant Tencent.
For its part, Grab wants to “level the playing field for all the small businesses in Southeast Asia,” Lai said.
Grab can make money from offering those financial services in different ways, he said. For insurance, for example, the start-up takes a commission based off of each policy that is sold. In the lending business, it makes money through either a revenue-sharing arrangement or through commissions.
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