SINGAPORE, Sept 27 — It may be the most known operator of ride-hailing, food delivery and payment services with its mobile applications in the region, but Grab’s venture into...
SINGAPORE, Sept 27 — It may be the most known operator of ride-hailing, food delivery and payment services with its mobile applications in the region, but Grab’s venture into retail investment three years ago in the hope of tapping its large user base has not taken flight as envisioned.
The analysts were giving their comments yesterday after Grab informed its customers a day earlier that it was discontinuing its two investment products — AutoInvest and Earn+ — and will not be accepting new deposits for them. AutoInvest allows users to set aside as little as S$1 for investment purposes from what they already have in their digital GrabPay Wallet.
Earn+ allows users to put money into their GrabPay Wallets and earn interests of up to 2.5 per cent a year. “This doesn’t mean I want to use Grab for other services, including investments,” the 30-year-old said, adding that she does not use any of Grab’s other products. Associate Professor Walter Theseira, an economist from the Singapore University of Social Sciences , said: “I expect that the user base Grab has simply didn’t translate into placing funds with it.
Another factor hindering Grab’s attempt to enter the investment sector is that not everyone wants to be an investor. Ultimately, for the micro-investment model to be sustainable, the service provider must be able to reach critical mass, the business and economic professors said.
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