Singapore-based Grab, a transportation startup, has partnered with financial services and banking company, Malayan Banking Bhd, also called Maybank.

“We are continuously looking to introduce products and services which offer better value by leveraging on cutting-edge technology and a deep understanding of our customers’ needs,” Maybank CEO Abdul Farid Alias said about the collaboration, as reported by Deal Street Asia.

Grab, a startup in the rideshare industry, provides users with a mobile app platform which can be used to obtain transportation such as taxis and private cars. The startup has also recently developed a new service called GrabPay, which provides a mobile wallet to users. The service will be released in beta mode soon.

“We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality,” Ooi Huey Tyng, Managing Director of  GrabPay in Singapore, Malaysia and the Philippines said.

Maybank is a banking company with a presence throughout South East Asia and a customer base of over 22 million, according to the company’s LinkedIn profile. The company also provides users with an online platform for their banking needs called Maybank2U.

“With this partnership, our customers will not only enjoy a seamless experience when transacting through GrabPay but also a host of exclusive benefits that would reward them with substantial savings in the long run,” Alias said. “This is very much in line with our strategic objective of becoming the digital bank of choice in the region.”

The current collaboration will provide Grab with an opening into the Malaysian market for its upcoming GrabPay service by allowing users to use the service for payment throughout Malaysia.

With GrabPay mobile wallet as the leading payment method on our Grab app it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle,” Tyng said.

The ride hailing startup received its e-money license in 2017 and plans to use the partnership to expand its services for customers. Through the new partnership between Grab and Maybank, users of the startup’s services will be able to expand the uses of its new mobile wallet using Maybank’s Maybank2U.

(Picture courtesy: https://www.myanmore.com/)