See More on Facebook

Economics

Thailand’s KBank to launch e-wallet, invests $50 million US in Grab Taxi

Grab on Thursday announced a partnership with Thailand’s Kasikornbank to launch .


Written by

Updated: November 9, 2018

Grab on Thursday announced a partnership with Thailand’s Kasikornbank to launch mobile payment application GrabPay by KBank.

The mobile wallet, which is slated to be launched as soon as early 2019, will allow Grab customers to pay for transport and delivery services, transfer funds, purchase products and services online, and make QR-code payments in restaurants and shops across Thailand.

Through Thailand’s national e-payments scheme called PromptPay, all three million QR-enabled merchants in the country will be able to accept GrabPay by KBank.

The investment is a first for KBank in an international firm with a core business outside Thailand. Beyond the e-wallet, features from KBank’s K PLUS app and the Grab app will be integrated across both platforms.

KBank and Grab will also jointly offer products to their customer base, including loans to help merchants grow their business. Customers will also be offered access to Grab for Business to improve corporate transport expense management, as well as increase brand awareness and engagement through Grab’s advertising solution.

According to the Bank of Thailand, 68 per cent of transactions in the country are still being carried out in cash.

Mr Reuben Lai, senior managing director of Grab Financial, said in a press statement: “This partnership makes Grab Financial the first mobile payments platform to launch e-money-licensed payments services across Asean-6 and underlines the strength of our partnership-based strategy.”

The Asean-6 countries are SingaporeMalaysia, Indonesia, Vietnam, the Philippines and Thailand.

Mr Lai added in a media briefing on Thursday morning that Grab’s vision is to enable its consumers to transact across South-east Asia using a single mobile app. The company will adopt a similar partnership-based approach to drive this vision.

Mr Lai said that Grab is well-positioned to achieve its goal due to it having the regional reach, consumer insights as well as trust and use-cases.



Enjoyed this story? Share it.


About the Author: The Straits Times is Singapore's top-selling newspaper.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Economics

South Korea PM’s Japan visit a chance to mend ties

The two countries have not seen eye to eye after a trade dispute. Prime Minister Lee Nak-yon kicked off a three-day visit to Japan in the hope that a meeting with his Japanese counterpart will pave the way for improvements in the two countries’ strained relations. Before heading to Tokyo, Lee said he hoped South Korea and Japan would foster harmonious and mature relations despite difficulties, speaking with Japanese Ambassador Yasumasa Nagamine, who saw Lee off at Seoul Airport in Seongnam, Gyeonggi Province. “I don’t expect that this visit will resolve everything but it will become an opportunity to take a step forward,” Lee said. Lee described Japanese Emperor Naruhito as a “warm and friendly” person, recalling their encounter at the World Water Forum in Brazil in March last year. On Tuesday, Lee attended Naruhito’s enthronement ceremony at the Imperial Palace, which was followed


By The Korea Herald
October 23, 2019

Economics

Mahathir warns of possible trade sanctions on Malaysia amid US-China trade war

From a Reuters report in Straits Times. Malaysian Prime Minister Mahathir Mohamad said on Monday (Oct 21) that his exports-reliant country could be hit with trade sanctions amid rising protectionism highlighted by the United States-China tariff war. Tun Dr Mahathir did not mention the source of possible sanctions on the South-east Asian country, but said he was disappointed that proponents of free trade were now indulging in restrictive trade practices on a “grand scale”. “Unfortunately, we are caught in the middle,” he told a conference in the capital Kuala Lumpur, referring to the US-China trade war. “Economically, we are linked to both markets and physically, we are also caught in between for geographical reasons. There are even suggestions that we ourselves would be a target for sanctions.” The US and China were two of the three biggest export dest


By The Straits Times
October 23, 2019

Economics

Nepal needs development, but not by coercion

Reimagining Nepal and developing it warrants a broad outlook that listens to its people and shows regard for their displeasure. The country’s obsession with bulldozers and excavators as a symbol of development reached an eerie new high yesterday as a viral video sent a chill down people’s spines. In the name of building a road in Dashrath Chand Municipality in Baitadi (roads are synonymous with development in Nepal), an excavator was seen gouging into the land even as locals protested and pelted it with stones. Read: Excavator operator and three others detained for investigation in Baitadi As the excavator operator pressed forward using brute force in a disoriented manner, the massive machine’s toothed bucket knocked down a woman to the


By The Kathmandu Post
October 23, 2019

Economics

S. Korea grapples with gender discrimination in workplace

Despite it’s high economic developments, critics say that South Korea has to improve workplace equality. South Korea has seen its female employment index improve steadily over the past 10 years, but continues to struggle with gender equality when it comes to parental leave and consequent career breaks, data showed Monday. Unlike in most developed economies which tend to see the employment rate of women in their 40s peak and start declining in the 50s, Korea has seen women in their late 30s and early 40s — the prime age for childbirth and childcare — being pushed out of the labor market. All seven of the so-called 30-50 club count


By The Korea Herald
October 22, 2019

Economics

More changes friendly to foreign investors on way in China

China is courting more FDI as their cash reserves run lower. China will roll out more measures friendly to foreign investors, including further removing business restrictions and leveling the playing field for foreign businesses, to foster a more enabling business environment and attract overseas investment. The decision was made on Wednesday at a State Council executive meeting chaired by Premier Li Keqiang. Meeting participants decided to open up more areas. Restrictive measures outside the national and FTZ negative lists on foreign investors’ market access will be consolidated. Restrictions will be lifted on the business scope for those foreign-invested banks, securities companies and fund management firms that are already operating in China. Policies on foreign investment in the automobile industry will be refined, including giving equal treatment in market access to domestic and foreig


By China Daily
October 18, 2019

Economics

Malaysia’s PM Mahathir says rail line RTS linking Johor Baru to Singapore to proceed

The rail line has been on again and off again. Prime Minister Mahathir Mohamad on Thursday (Oct 17) said Malaysia will proceed with the 4km Johor Baru to Singapore rail line. His comments about the Rapid Transit System (RTS) rail link followed that of Malaysian Transport Minister Anthony Loke on Tuesday that details of the project will be decided by the Malaysian Cabinet within two weeks. Tun Dr Mahathir said when asked by reporters on Thursday: “We will proceed with the RTS but we will take some time.” Asked if this meant the Malaysian government had resolved 


By The Straits Times
October 18, 2019