Grab Partners With SEDANIA To Introduce Grab Cash Financing-i
Author Avatar

Grab’s fintech arm, Grab Financial Group (GFG) Malaysia, is officially piloting a shariah­-compliant financing product for its driver and delivery partners. Dubbed the Grab Cash Financing-i, it was rolled out in partnership with SEDANIA As Salam Capital Sdn Bhd (SASC), a subsidiary of SEDANIA Innovator Bhd.

In a statement, GFG said that the new facility will lower the barriers to microfinancing, which typically requires an applicant to meet certain income and credit history requirements. This, in turn, allows Grab driver and delivery partners a more convenient and secure access to financing so that they can address their financial needs more efficiently.

According to GFG, the Grab Cash Financing-i facility will be shared with eligible partners via a link, so that they can apply without having to provide any supporting documents or collateral. To qualify, the individual must be aged under 75 years old, with a minimum monthly earning of RM800 (as a Grab partner).

(Image: Malay Mail/Hari Anggara)

The FAQ for Grab Cash Financing-i further noted that there is no standard financing limit that applies to all applicants. Instead, the limit will be specially tailored to each individual based on their earnings as a Grab partner and other financial data. This way, it ensures that each applicant will not overstretch their repayment capacity.

Aside from that, the facility is calculated on a fixed profit rate, which means Grab partners will repay a fixed daily payment throughout the financing tenure that they have selected. For convenience, daily repayments will be deducted automatically from the partner’s earnings via the Grab Driver Cash Wallet, or the Grab Driver Credit Wallet (if there is insufficient funds in the Grab Driver Cash Wallet).

Do also take note of the fees and charges that come with the Grab Cash Financing-i facility. There is a stamp duty fee of 0.5% (of the financing amount approved), and a processing fee of RM45. Those who apply will receive an in-app message on their application status within seven working days after submission, and the cash will be disbursed within one working day upon approval.

(Image: The Malaysian Reserve)

“Grab Cash Financing-i is just one of GFG’s collaborative efforts with like-minded partners like SEDANIA to democratise financial services for everyday Malaysians. Our ecosystem, technology, and data provide unique insights into our partners’ earnings and spendings, and subsequently their risk scorecard and payment capabilities, We can then customise products that cater to their financial needs,” said the managing director and head of GFG, Sean Goh.

Goh also explained that GFG had actually rolled out this facility much earlier – back in December 2021 – but it was only made available to a limited number of eligible partners then. “Since introducing the programme, we saw a take-up rate of 16% among eligible Grab drivers and delivery partners,” he said. Consequently, this success has spurred the company to now officially pilot the solution to a larger pool of partners.

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Apps Articles
Post Image
Astro 4K Ultra HD Broadcast To Be Available For Subscription By The End of This Year
Brian Chung
- 14th August 2018
By the end of 2018, Astro customers will be able to watch football matches in Ultra HD. Read on to know more about the 4k Ultra HD service.
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
How To Pay TNB Bills With Boost, GrabPay, And Touch ‘n Go eWallet
Pang Tun Yau
- 13th February 2020
In recent months, e-wallets (and even Shopee and Lazada) began offering bill payment options, which means Malaysians can […]
Post Image
TNG eWallet Users Can Now Transfer Money To Bank Accounts Via DuitNow Transfer
Alex Cheong Pui Yin
- 25th March 2022
Touch ‘n Go (TNG) eWallet has updated its DuitNow Transfer function, enabling users to also transfer funds out […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image