Citigroup has teamed up with Singapore-based ride-hailing firm Grab to launch co...
HONG KONG - Citigroup has teamed up with Singapore-based ride-hailing firm Grab to launch co-branded credit cards, as it looks to boost its Asian customer base by about 13% via partnerships with digital firms, a senior Citi executive said.
The Citi-Grab co-branded cards will be issued in the Philippines on Tuesday and in Thailand later this year, before being rolled our in other Southeast Asian markets. The bank’s net income from Asia Pacific was $4.4 billion in 2018, with a third of its $15.3 billion revenue coming from Southeast Asia - where Grab is the leading ride-hailing firm.
Grab is also exploring spinning off its financial services unit and has mandated banks to approach potential minority investors, Reuters reported last month, citing sources.Lenders around the world are trying to partner with digital players to get closer to consumers.
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