Grab and Tokyo Century Announce Strategic Partnership
- Companies to collaborate on leasing and rental car options for GrabCar drivers
- Tokyo Century makes strategic investment in Grab as part of partnership
Singapore and Tokyo, 1 December 2016 – Grab, the leading ride-hailing platform in Southeast Asia, and Tokyo Century Corporation (“Tokyo Century”), a leading financial services company in Japan, today announced that they have entered into a strategic partnership. The companies have signed a memorandum of understanding (MOU) enabling them to collaborate on new leasing and rental car options for GrabCar drivers in all six countries where Grab operates, including Singapore, Malaysia, the Philippines, Indonesia, Thailand, and Vietnam. As part of the partnership, Tokyo Century has made a strategic investment in Grab.
Ming Maa, President of Grab, said, “With the broadest portfolio of transportation solutions across Southeast Asia, Grab is proud to offer the largest vehicle fleet of any rideshare platform in the region. We are excited to announce today’s partnership with Tokyo Century, which will help us meet growing user demand and further extend our market leadership by enhancing leasing and rental car options for our valued GrabCar drivers across our platform.”
Yasushi Yoshino, Senior Managing Executive Officer of Tokyo Century, said, “The Southeast Asian ridesharing market is poised for rapid growth, and we are thrilled to enter this dynamic industry with Grab, the clear market leader. Through our partnership, we will accelerate the growth of our business through new types of mobility, such as ride-hailing, develop financial services using the advanced technology of Grab’s digital platform, and expand our auto finance business across Southeast Asia.”
Grab operates the largest transportation network in Southeast Asia. Today, Grab offers private car, motorbike, taxi, and carpooling services across 6 countries and 34 cities in Southeast Asia, with 1 out of every 4 passengers using multiple services. In addition, Grab aims to provide a wide variety of locally preferred cashless options – including GrabPay Credits, a proprietary stored value option, credit cards and mobile money – for Southeast Asia consumers with its in-app mobile payments platform, GrabPay.
Grab is Southeast Asia’s leading ride-hailing platform. Grab solves critical transportation challenges to make transport freedom a reality for 620 million people in Southeast Asia. Grab began as a taxi-hailing app in 2012, but has expanded its core product platform to include private cars and motorbikes. Grab is focused on pioneering new commuting alternatives for drivers and passengers with an emphasis on convenience, safety and reliability. As part of its innovative culture, Grab is testing new services such as social carpooling, as well as last mile and food deliveries. Grab currently offers services in Singapore, Indonesia, Philippines, Malaysia, Thailand and Vietnam. For more information, please visit: http://www.grab.com.
About Tokyo Century Corporation
Tokyo Century is a leading financial services company in Japan. Tokyo Century offers an extensive range of products that include leasing and instalment sale of information and communications equipment, automobile and rental car services, and highly specialized financings in the fields of real estate, shipping, aircraft, healthcare and environmental energy. Tokyo Century also has an extensive overseas network operating in over 30 countries worldwide. https://www.tokyocentury.co.jp/en/
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