Grab, a Singaporean technology major, has invested a substantial capital infusion of 137 million Singaporean dollars (approximately $104 million) into its digital banking subsidiary GXS Bank. The deal represents a significant move for both companies as they aim to strengthen their presence in the financial services sector in the region.
The investment comes as part of Grab's strategic expansion into the banking industry, leveraging its established position in the technology and ride-hailing sectors. GXS Bank will utilize the funds to enhance its digital banking operations, offering innovative financial services and products to consumers in Southeast Asia.