Thailand based Kasikornbank is set to invest $50 million in Singapore based Grab. This makes Kasikornbank the largest investor in the Singapore technology startup’s ongoing fundraiser.
Additionally, with the new investment Grab will also be able to launch its in- app GrabPay electronic wallet in Thailand. Launching in Thailand will be Grab’s sixth Southeast Asian market.
Grab’s main competitors in Thailand will be TrueMoney from True Corp PCL, Rabbit Line Pay from messaging application LINE which is owned by South Korea’s Naver Corp that is offered in conjunction with local telecommunications firm Advanced Info Service PCL and mass transit firm BTS Group Holdings PCL. This venture will be branded as “GrabPay by KBank” in Thailand.
Headquartered in Singapore, Grab Taxi holdings through its subsidiaries provide location based smartphone booking and dispatching service or the taxi industry.
Founded in 1945, Kasikornbank Public Company Limited provides commercial banking products and services in Thailand and internationally. Kasikornbank is headquartered in Thailand and its services includes savings, current, fixed deposit, and foreign currency accounts; personal, home, and auto loans; debit and credit cards; life and non-life insurance products; investment products; money transfer and bill payment, cheque and draft, and foreign exchange services; and mobile banking services.