Grab to Close Investment Business in Singapore

Published 7 months ago

Singapore’s renowned ride-hailing and food delivery superapp, Grab, has announced plans to close its investment business. The decision, which follows an extensive review, determined that the venture would not be commercially viable.

Details about the Closure

The closure affects two of Grab’s investment products: AutoInvest and Earn+. The AutoInvest platform, a micro-investment solution, was Grab’s first venture into retail wealth management. Launched as a result of the acquisition of robo-advisory firm Bento in February 2020, it allowed users in Singapore to invest while making transactions with the app.

Meanwhile, Earn+ is a low-risk investment product that lets users earn interest rates between 2% and 2.5% per annum. Launched in May last year, it was designed as an alternative to fixed deposits and endowments and was part of the launch of GrabFin, Grab’s digital payments, insurance, lending, and wealth management brand.

Notice to Users

Grab has stopped accepting deposits into AutoInvest and Earn+ and has also paused automatic transfers into AutoInvest. Users have been given until October 13, 2023, to withdraw their funds from both platforms. After this date, no further transactions will be allowed, and both the AutoInvest and Earn+ accounts will be closed on October 31, 2023.

Although users will no longer be able to hold funds after this period, they will still be able to view their account details and transaction history until November 13, 2023.

Despite the closure of its investment business, Grab’s other services, such as ride-hailing, food delivery, insurance, and lending, remain unaffected.