The companies described the agreement as a ‘strategic alliance.’ The deal is the latest tie-up between Singapore-headquartered Grab, the region’s biggest ride-hailing and food delivery company, and Southeast Asian conglomerates, including a strategic investment by Thailand’s Central Group in 2019.
The Indonesian conglomerate holds stakes in media companies as well as a controlling stake in e-wallet DANA and a stake in e-commerce site Bukalapak. Reuters sources stated that the deal is in part intended to lead to a shake-up in the digital payments sector and help Grab increase its stake in e-wallet OVO.
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