Ride-hailing app Grab has forayed into wealth management by buying Singaporean robo-advisory firm Bento Invest.
Bento will adopt the GrabInvest brand upon the takeover. Furthermore, it will become part of Grab Financial Group. The group also provides payments, rewards, lending, and insurance.
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The robo-advisory firm will operate under a retail wealth management capital markets services licence in Singapore.
However, the deal value was not revealed.
It aims to introduce products on the Grab app in Singapore from H1 2020. In addition, it is planning a broader roll-out across other South-East Asia markets.
GrabInvest intends to provide cash management and portfolio-based financial solutions to Grab’s users, driver-partners and merchant-partners, leveraging a low-cost model. It also aims to offer complete fee disclosures.
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By GlobalDataBento founder and CEO Chandrima Das will become the head of wealth management at Grab Financial Group.
Grab Financial Group senior managing director Reuben Lai said: “In Southeast Asia, there is a lack of access to affordable wealth management products and retirement planning solutions for most people.
“As we face an increasingly volatile and uncertain economic environment, it is imperative for Southeast Asians to acquire the tools and knowledge to protect their future by sustainably building wealth for themselves and their families.
“The launch of GrabInvest brings us a step closer to democratising access to affordable financial solutions that will help them achieve the financial stability they need well into their retirement years.”
