A deal, if confirmed, would make it the largest ever blank-check transaction
Grab, gaming firm Razer, AirAsia, telecoms firm Axiata and lender CIMB are among companies looking to apply for digital banking licences in Malaysia
Singapore is opening up its banking industry to digital lenders in a reform that could shake up the sector across Southeast Asia.
Grab is the biggest ride-hailing firm in Southeast Asia, and has strengthened its hold on the market since buying US rival Uber's operations
Grab and rival Indonesia-based Go-Jek are evolving from ride-hailing app operators to become one-stop shops for services as varied as payments, food delivery, logistics and hotel bookings
MANILA/KUALA LUMPUR: Philippines and Malaysia said on Monday they will look into whether Uber Technologies’ move to sell its Southeast Asian business to ride-hailing rival Grab hinders competition, days after Singapore began a probe into the deal on similar concerns. The expanded scrutiny of the deal in Southeast Asia could pose a major hurdle to the US firm’s attempt to improve profitability by exiting its loss-making regional operation. It also comes as Grab is set to face tougher competition from Indonesian rival…
Uber sold its Southeast Asian business to rival Grab, ending a bruising battle between the ride-hailing behemoths and marking the US firm's latest retreat from international markets.
SINGAPORE: Ride-hailing firm Uber has agreed to sell its Southeast Asian business to the region’s bigger rival Grab, a source with direct knowledge of the matter said on Sunday, in what would be the US company’s second retreat from Asia. As part of the transaction, company would get a stake of as much as 30 percent in the combined business, the source said. He did not want to be identified as the deal is not public yet. Read More: US police release video of fatal collision with uber self-driving…
SINGAPORE: Southeast Asia’s biggest ride-hailing firm, Grab, is in advanced negotiations to buy parts of Uber’s business in the region, said a source with knowledge of the talks, in what would be Uber’s second retreat from an Asian market. Ride-hailing firms have raised billions of dollars to help compete in Southeast Asia where they have been forced into losses partly due to hefty incentives to drivers and discounts to riders. Grab has a dominant position in several markets in the region of about 640 million people,…
KUALA LUMPUR: Malaysia's parliament on Thursday passed two bills that will legalize e-hailing services, as ride-hailing firms Grab and Uber race to expand in the region. Grab expects to raise $2.5 billion from investors in a bid to extend its lead over Uber in the region, as major companies aim to tap into Southeast Asia's developing economies driven by a young and tech-savvy population. The amendments to Malaysia's Land Public Transport Act and the Commercial Vehicles Licensing Board (CVLB) Act will allow ride hailing…