Grab News | Sep 05, 2024

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Name: Grab

Website: grab.com

Overview: Grab is Southeast Asia's leading superapp offering a suite of services like deliveries, mobility, financial services, and more. Guided by The Grab Way, their mission is to drive Southeast Asia forward by creating economic empowerment for everyone.

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Updates as of September 05, 2024

• Grab now allows users to send USDC (SPL) to their accounts for transport and food delivery payments.
• Grab now supports Solana payments.
• Grab now supports topping up wallets with stablecoins on Solana, Ethereum, and other chains via the SGQR payment system.
• Grab launched Family Accounts for users in Vietnam on 26/08/24.
• Grab plans to add over 1,000 BYD electric vehicles to its Indonesian fleet to expand its green mobility initiatives.
• Grab launched the Family Account in Vietnam, allowing users to manage and pay for their family members' rides through the app.
• Grab launched a new service called Pay Later, allowing customers to spread payments over four months with zero extra cost.
• Grab is facing backlash for changing its fare structure, resulting in higher commissions for short-distance trips and lower commissions for long-distance trips, which has led to driver dissatisfaction and service issues.
• Grab reported its second quarter 2024 results on August 15, 2024.
• Grab's share price experienced contrasting fortunes as investors sought greater profitability.
• GrabAds teamed up with Kantar to create a purpose-driven framework for winning on a Retail Media Network, led by Warish Jain, Regional Measurement Lead at GrabAds.
• Grab formed a partnership with Richiamo Mart HQ to launch 20 outlets on the GrabMart platform by the end of this year.
• Grab started charging a 1% fee on credit card reloads to its GrabPay Wallet from Sept 11, with certain Maybank credit cards exempted.
• Grab entered the maps space.
• Grab saw a record 41 million monthly users and over 50% growth in deposits for its digital banks in the latest quarter, while its attempt to acquire Trans-Cab was blocked by Singapore's competition regulator.
• Grab's shares slumped after reporting quarterly revenue growth that missed estimates, highlighting intense competition in Southeast Asia.
• The Singapore Parliament will soon debate the Platform Workers Bill, which could increase costs for Grab and other tech platforms by providing more legal protections for certain gig workers.
• On August 8, 2024, Grab Holdings Limited will be involved in a court hearing in Los Angeles County regarding a motion to quash service of summons in the case filed by Global Pond USA Corporation.
• Grab has rebranded its financial services from GrabFinance to GrabFin.
• Grab will announce its 2024 Q2 results on August 15, 2024.
• Grab in Singapore allows off-ramping USDT/USDC via Ethereum or Solana with a 2% markup.
• Grab Finance partnered with Mitra Kembara to offer Grab drivers the opportunity to perform umrah.
• Grab organized the 'GrabVN 10th Anniversary Football Championship'.
• Daniel Lim has started as Head of Employer Branding & Recruitment Marketing at Grab.
• Grab has updated its food delivery options, replacing several restaurants with new ones and adjusting delivery times and free delivery minimums.
• Grab has removed the Group Order feature from its offerings.
• Grab is hiring a Head of Market Insights for its Jakarta, Indonesia team, as announced by Nishant Gupta, Head of Analytics.
• GrabDefence will attend 24Fintech in Riyadh from 3-5 September 2024.
• On 2024-08-29, Grab will participate in The Big Leap Singapore to discuss marketing strategies on tight budgets.
• Grab's Chief People Officer Chin Yin Ong announced that the company has been actively engaging employees in generative AI learning and experimentation, with over 1,000 participants regularly attending forums.
• Grab delivery workers in Singapore are considering joining the NTUC to seek better representation and benefits.
• GrabDefence, Grab's fraud and financial crime solution team, will be in Dubai on 11-12 September to discuss digital fraud, security, and identity collaborations.
• Grab's Metrics platform team is expanding to Malaysia, building a central platform for high-quality, reliable metrics accessible to all Grab employees.
• Grab is currently seeking an Organisation Change Lead in Malaysia.
• Grab will impose a 1% fee on GrabPay Wallet credit card reloads starting September 11, 2024, with Maybank co-branded credit cards being exempt.
• Grab announces an inaugural share repurchase program of up to $500 million.
• Grab's stock fell 5.9% after its second-quarter revenue of $664 million missed estimates and its growth rate lagged behind Uber's.
• Grab missed second-quarter revenue estimates due to a slowdown in its food-delivery segment and currency fluctuations but retained its full-year revenue forecast.
• Grab implemented a push notification system to promote road safety by reminding passengers to wear seatbelts.
• Grab reported a 17% year-over-year revenue growth to $664 million and improved its operating loss by $121 million to $(56) million in Q2 2024.
• Superbank, a digital banking service by Grab, reached 1 million customers in under two months since its launch.
• Grab disabled the smart contract wallet feature on the front end.
• Grab's inbuilt wallet, powered by Polygon, allows users to receive tokens/NFTs created by Grab and send NFTs like coffee coupons to different wallets.
• Grab added an 'I ❤️ SG' icon to its app to celebrate Singapore's National Day.
• Grab used Slack automations to save thousands of hours each year.

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