SINGAPORE — Grab Financial Group (GFG), the financial arm of Grab Holdings, announced the launch of a new brand GrabFin, and the introduction of a new investment product Earn+.
The group is unifying all its financial services products under GrabFin, the new parent brand for all of Grab’s financial services outside of the digital banks, the company said in a media briefing Monday (23 May). Together GrabFin and digital banks will make up GFG.
GrabFin offers Grab users a single entry point to payment, investment and insurance services on the Grab app.
Following its launch in Singapore and Malaysia, the GrabFin brand will be rolled out in other Southeast Asian markets in the coming months.
Along with the branding, the group is introducing Earn+, a new investment product for Singapore-based Grab users over 18.
This product is targeted at new investors who want to build an investing habit via a simple to use interface. said Wong Wenbin, head of GrabFin, Singapore.
“Earn+ provides our users with access to low-risk, investment-grade bond portfolios, which were previously only available to institutional investors," Wong said. "In today’s volatile environment, it can be a good complement to our users’ investment portfolio as a low-risk investment option."
Earn+ has a projected yield of 2 to 2.5 per cent and users will be able to start off with a minimum investment of S$1, with no maximum limit or lock-in period, Wong said. Earn+ will invest in well-diversified, short-term bond funds offered and managed by Fullerton Fund Management and UOB Asset Management.
However the product is not capital guaranteed and estimated returns are neither guaranteed nor protected.
Users will be charged a 0.59 per cent annual fee to maintain the actively managed funds under their Earn+ portfolios. This includes fund management fees and other costs such as custodian cost. Grab said it will not charge any additional fees.
With no lock in period, users are able to withdraw their funds to their GrabPay wallets or to their bank accounts at any time, with no penalties or early withdrawal charges.
Earn+ is already available to some users via the Grab app and will be rolled out to the rest of Singapore users by the end of the week.
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