KUALA LUMPUR (March 18): Grab Financial Group Malaysia and Sedania Innovator Bhd’s fintech subsidiary Sedania As Salam Capital Sdn Bhd (SASC) are partnering to officially offer Grab Cash Financing-i, a Shariah-compliant financing product, to eligible Grab driver- and delivery-partners.
In a joint statement on Friday (March 18), the companies said Grab Cash Financing-i 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.
They said 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.
Grab Financial and Sedania said this solution is made possible through SASC’s GoHalal Financing Programme, which ensures the financing activities and operations are compliant with Shariah principles and practices.
The GoHalal Financing Programme has key Shariah compliance tools to enable Shariah financing and among its 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.
SASC chief executive officer Nisa Ismail said it is important that micro-financing is made available to all Malaysians and the products and platform are Shariah-compliant to ensure transparency in the financing terms and conditions.
She said the GoHalal Financing Programme is developed with digital acceleration in mind to better position Shariah financing in today’s and tomorrow’s economy.
Nisa added that as the world grapples with the economic impact of the pandemic, access to inclusive financing options in the gig economy remains limited.
“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,” she said.
Meanwhile managing director and head of Grab Financial, Grab Malaysia, Sean Goh said that since introducing the programme, there was a take-up rate of 16% among eligible Grab driver- and delivery-partners.
He said Grab Cash Financing-i is just one of Grab Financial’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,” he said.
At 11.40am, Sedania shed two sen to 35 sen, valuing it at RM121.52 million.