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Grab partners with Credit Saison, Chubb to offer lending, insurance services

Southeast Asian ride-hailing service GrabTaxi Holdings Pte. Ltd. will offer financial services through Grab Financial within its mobile app, tying up with Credit Saison Co. Ltd. and Chubb Ltd.

Grab plans to offer payments, rewards and loyalty, financial and agent services through its Grab Financial offering.

The Singapore-based company will form a joint venture with Japan-based consumer financing company Credit Saison, named Grab Financial Services Asia, to offer microfinancing products and services to Southeast Asia's growing markets.

The consumer lending venture will leverage Grab's customer data and Credit Saison's knowhow in credit scoring, risk management and product formulation to offer lending products and services. The venture will initially focus on providing working capital loans, financing for smartphones and durable goods and consumer goods financing for Grab drivers, agents and merchants.

Additionally, Grab and Chubb have also signed a partnership to offer insurance products to drivers using the Grab app.