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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, a Shariah compliant financing product, to eligible Grab driver- and delivery-partners.
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.
According to GFG in a statement, 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.This solution is made possible through SASC’s GoHalal Financing Programme (GHP), 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 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.
Nisa Ismail, CEO of SEDANIA As Salam Capital 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.
The GHP is developed with digital acceleration in mind to better position Shariah financing in today’s and tomorrow’s economy.
“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,” she said
“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 MD and Head of Grab Financial Group, Grab Malaysia.
Following the encouraging response, GFG is officially piloting the Grab Cash Financing-i to a larger pool of eligible drivers and delivery-partners.
Eligible partners will receive communications about the programme with a link so they can apply conveniently with no documents and collateral required.
The product is offered to those under 75 years old with minimum monthly earnings of RM800 earning as a Grab partner. Automated payments are made directly from the partner’s daily earnings to facilitate the financing payments.
This product launch is in line with GFG’s mission to drive financial inclusion across Southeast Asia by offering simple, transparent and flexible financial products. –TMR