Grab Financial Group (GFG) Malaysia and SEDANIA Innovator Bhd’s fintech subsidiary, SEDANIA As Salam Capital Sdn Bhd (SASC) are partnering to officially offer Grab Cash Financing-i to eligible Grab driver- and delivery-partners.
This financing option lowers the barriers to micro-financing which is typically inaccessible to those below a certain income level and lack a formal credit history, it aims to provide Grab’s driver- and delivery-partners with convenient and secure access to financing, so they can more easily address their immediate household and financial needs.
This solution is designed with SASC’s GoHalal Financing Programme. It has key Shariah compliance tools to enable Shariah financing and among key features are Shariah Advisory Services by Afsha Shariah Advisory and As-Sidq Digital Trading Platform using Digital Commodities for real time transaction and processing. These key features are crucial elements to uphold the Shariah principles in micro financing in the digital ecosystem which makes it a very unique proposition.
“As the world grapples with the economic impact of the pandemic, access to inclusive financing options in the gig economy remains limited. During this trying time, it is important for every Malaysian to be supported and have convenient access to financial assistance and services that will help them thrive and move forward. We are honoured to work alongside Grab Financial Group to offer the Grab Cash Financing-i programme to their driver and delivery-partners who have been serving as front liners during the pandemic,” Nisa Ismail, CEO of SEDANIA As Salam Capital.
“Since introducing the programme, we saw a take-up rate of 16% among eligible Grab drivers and delivery-partners. 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 Sean Goh, Managing Director and Head of Grab Financial Group, Grab Malaysia.
According to a survey which was conducted among Grab’s driver- and delivery-partners, 65% of them cited that a Shariah-compliant financing option was important to them. Their main financing needs included emergency and personal expenses, current loan settlement and education for family members.
When the programme was introduced in December 2021 to a limited number of eligible partners, it received encouraging responses.