Singapore’s super-app Grab is discontinuing its retail investment products, GrabInvest, as they are considered financially unviable.
Facts
- Grab is winding down its retail investment products, AutoInvest and Earn+, in Singapore.
- Customers received emails notifying them of the product discontinuation, with no new deposits accepted.
- Customers are advised to withdraw funds by 13 October, after which accounts will be permanently closed.
- Grab cites a comprehensive review as the reason for ending GrabInvest to focus on other financial services like GrabPay, insurance, and lending.
- Grab ventured into retail investment in August 2020 with AutoInvest, following its acquisition of robo-advisory firm Bento in February 2020.
- Earn+ was introduced in May last year, offering a low-risk investment portfolio with up to 2.5% annual interest.
- Both AutoInvest and Earn+ were part of GrabInvest, a subsidiary regulated by the Monetary Authority of Singapore (MAS).
