MUFG to invest $700 million in Grab

MUFG to invest $700 million in Grab

MUFG Bank is to invest $700 million in Singapore ride-hailing giant Grab, according to the Nikkei.

The two companies will form a partnership aimed at further growth in Southeast Asia, the paper reports, offering new services such as lending and insurance through smartphone apps.

MUFG will reportedly oversee the app's personal loans and insurance offerings, while Grab will make use of its data on customer preferences suggest loans tailored to specific customers.

The Nikkei says MUFG is also interested in Grab's strong artificial intelligence systems and data analysis skills, attributes that will be beneficial as MUFG competes more with online banks and IT startups in its home market.

MUFG and Grab have yet to confirm the report. In a statement the Bank says: "These reports are not based on any announcement made by MUFG or MUFG Bank. MUFG will promptly make public any matters which require disclosure if they occur."

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