Singapore-based multi-service platform Grab is bringing ticketing services to Vietnam as part of a $500m (£410m/€451m) investment plan in the country over the next five years.
The funding will be used to expand Grab’s transport, food and payments business in Vietnam, and explore new opportunities in ticketing, fintech, mobility solutions and the logistics industry. It is part of a larger plan to grow the country’s digital economy and increase the level of financial inclusion among workers.
Grab, which has operated in the country since 2014, has grown into a ‘super app’ in Vietnam. Grab Food has 300,000 daily orders, while its payments partner, Moca, has grown into one of the nation’s largest mobile payment apps.
A Grab spokesman told Mobile Payments Today: “We will use the investment to roll out new services in the country, such as ticketing, groceries and multi-modal solutions, and scale our transport and food business and increase the adoption of cashless payments via our partner Moca.
“Our investment in new mobility solutions, fintech and logistics, would either involve investing in startups holding those core competencies or investing in the development of promising solutions and services for the country.”
Grab said it also plans to invest in local start-ups through GrabVentures, as well as launching programmes to improve digital and financial literacy. It also plans to share data with local governments in order to tackle traffic congestion and pollution.
Image: Jon Russell