Grab Sees Strong Banking Growth From Digitally-Engaged Singapore

Company Performance - Grab achieved a record high of 41 million monthly active users (MTUs) in the latest quarter, indicating strong growth in its ecosystem and improved product usage frequency and reliability [1] - The company reported profitable growth in its ride-hailing and food delivery segments, while also highlighting its banking operations, which include three digital banks and the Grabfin FinTech platform [1] Banking Operations - Deposits in GXS Bank in Singapore and GX Bank in Malaysia increased by over 50% quarter on quarter, reaching $730 million, with total loan disposals across Grabfin and the digital banks hitting an annualized run rate of $2 billion in the second quarter [2] Digital Engagement in Singapore - High levels of digital engagement in Singapore are supported by widespread access to high-speed internet and smartphones, with the government advocating for digital transformation among businesses, particularly SMEs [3] - Initiatives like the SMEs Go Digital program are funded to help SMEs leverage digital solutions for operational improvements and revenue generation [4] Acquisition Attempt - Grab attempted to acquire Trans-Cab, Singapore's third-largest cab company, but was denied by the local competition regulator, which the company hoped would enhance supply and productivity in the taxi fleet [4][5] - Despite the setback, Grab is focusing on enhancing supply in Singapore through various technological initiatives to improve driver productivity [5]