Grab acquires Bento Invest to offer retail wealth management services
Category: #retail  By Pankaj Singh  Date: 2020-02-05
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Grab acquires Bento Invest to offer retail wealth management services

Ridesharing firm, Grab has reportedly acquired Singapore-based robo-advisory firm, Bento Invest to enter into the retail wealth management sphere. This acquisition will enable Grab to offer retail investment and wealth management solutions to its ecosystem of drivers, users, and merchants via its app.

Sources cite that Bento will be renamed as GrabInvest, with services expected to be introduced on the Grab app during the first half of the year in Singapore. GrabInvest aims to deliver portfolio-based and cash management financial services to its customers. The company is also planning to expand its footprints to other markets of South-east Asia.

Grab was originally established as a ride-hailing app, but has enlarged its portfolio to cover services like food delivery. Notably, GrabInvest would be the fifth vertical under Grab Financial Group which will be led by CEO and Founder Chandrima Das. Other verticals under Grab Financial Group include GrabInsure, GrabRewards, GrabPay, GrabFinance.

Reuben Lai, Sr. Managing Director of Grab Financial Group, claims that there is a lack of access to affordable wealth management services and retirement planning solutions for most people. GrabInvest would give democratizing access to affordable financial solutions that would aid consumers to achieve financial stability in their retirement years.

Meanwhile, Chandrima Das said that the company’s vision is to make investments accessible for consumers regardless of their wallet size.

For a record, Bento Invest’s digital wealth platform comprises portfolio construction, client onboarding, and rebalancing supported by risk management capabilities.

This move is no surprise to Grab as it was planning to tap the wealth market across South-east Asia by delivering low-cost investment products. The company is presently vying for two digital full bank licenses in Singapore.

The company is also partnering with telecom company Singtel, under which it would hold a 60% stake in the proposed consortium while Singtel will hold the remaining 40%.

Source Credit - https://www.businesstimes.com.sg/banking-finance/grab-moves-into-retail-wealth-management-with-acquisition-of-robo-advisory



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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