Partnering with Citi, Grab Introduces In-App Personal Loans Feature
In a groundbreaking move, Citi has become the first banking partner to offer personal loans on the Grab app, Southeast Asia's super app. This partnership, which started in 2016 and spans across six markets in Asia, including Singapore, aims to provide local small and medium-sized enterprises (SMEs) with quick and accessible funding.
Grab has been eyeing the lending space and this collaboration is a significant step towards its goal. The partnership continues to expand in digital ecosystems, with the recent launch of Citi's first API-enabled lending capability in Asia Pacific.
The Grab app allows qualified customers to apply for a loan from Citi with flexible repayment options ranging from 12 to 60 months at attractive rates. The API connectivity allows eligible customers to perform select actions on the Grab app, using a secured connection developed by Citi.
When a Citi Quick Cash application is initiated through the Grab app, the information is sent to Citi through the APIs where the loan will be processed, reviewed, and disbursed by Citi. Existing and eligible Citi credit card customers can apply for personal installment loans or Citi Quick Cash through the Grab app.
The partnership between Citi and Grab has also resulted in the launch of the Citi-Grab credit card in June 2019. This expansion of their partnership in consumer lending is a testament to their commitment to serving the everyday borrowing needs of their customers with responsible access to credit.
Grab is offering a financing solution for qualified users through a seamless Grab app experience for the first time. Since then, the partners have widened the scope of their cooperation to include additional Grab services. This partnership is a prime example of how technology and finance are coming together to make financial services more accessible and convenient for everyone.
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