Grab, the leading ride-hailing platform in Southeast Asia, has signed a strategic partnership with Japanese financial services company Tokyo Century Corporation to collaborate on new leasing and car rental options for drivers in six countries.
As part of the deal, Tokyo Century has made an investment in Grab, and will be funding leasing activities in all the regions in which it operates including Singapore, Malaysia, the Philippines, Indonesia, Thailand and Vietnam.
Ming Maa, Grab president, said: “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. We are excited to announce the partnership with Tokyo Century, which will help us meet growing user demand and further extend our market leadership by enhancing leasing and rental car options for our valued GrabCar drivers across our platform.”
Yasushi Yoshino, senior managing executive officer of Tokyo Century, said: “The Southeast Asian ridesharing market is poised for rapid growth, and we are thrilled to enter this dynamic industry with Grab, the clear market leader. Through our partnership, we will accelerate the growth of our 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 currently offers private car, motorbike, tax and carpooling services across six countries and 34 cities, and says one out of every four passengers uses multiple services. In addition, Grab provides a wide variety of cashless options, including credit cards and mobile money, for Southeast Asia consumers with its in-app mobile payment platform, GrabPay.