Superapp Grab has launched GrabScholar and GrabMerchant Centre at the official opening of its headquarters at One North (Grab HQ @ Singapore).
The company has committed an annual US$1 million from the GrabForGood Fund towards the GrabScholar programme, which will provide university scholarships and educational bursaries across all countries Grab operates in Southeast Asia.
The programme plans to award over 2,000 scholarships and bursaries annually. It will cover tuition and study-related expenses for underprivileged children to attend primary, secondary or vocational schools as well as universities.
Internship opportunities will also be offered to tertiary students to develop their professional aptitude and prepare them for full-time roles when they graduate.
Meanwhile, GrabMerchant Centre will be established to provide 1-on-1 business consultation services for its small and medium enterprises (SME) merchant-partners.
Located at Grab HQ @ Singapore, the centre is a one-stop hub dedicated to helping businesses optimise their online presence, maximise GrabFood, GrabMart, GrabFin and GrabAds services for their businesses, as well as learn to use digital tools to grow.
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“As we celebrate Grab’s 10th anniversary this year, we hope that our announcements today will help small businesses and our future workforce upskill and maximise their opportunities, even in this challenging macro environment,” says Grab cofounder and group CEO Anthony Tan.
In his opening remarks, Deputy Prime Minister and Minister of Finance Lawrence Wong congratulates Grab on its 10th anniversary, adding that the company has come a long way over the past decade and has been a good partner of Singapore.
“I look forward to our continued partnership in building a stronger tech ecosystem and forging a more inclusive digital economy. There are many opportunities ahead, and I am confident we can make the most of them if we work together,” says Wong.
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He adds that Southeast Asia’s growth potential remains strong especially for the tech sector, with a huge, untapped but fast growing digital consumer market.
As Singapore and tech companies like Grab continue to face uncertain economic outlook and heightened geopolitical tensions, Wong believes that these challenges can be turned into new opportunities for growth.
“What will be crucial in this journey is our people — we must stay united in purpose, and work together to look for the next frontier and fresh possibilities for our people,” says Wong.
Tan says Grab is very optimistic about Southeast Asia in the longer term, given the significant market opportunity and current under-penetration of digital services. However, the company is also pragmatic about the current realities of rising inflation and its direct impact on its business and partners.
“This is prompting our consumers to expect more affordable services, and conversely, our driver and merchant-partners to expect higher net earnings,” adds Tan.
To build a sustainable and thriving marketplace that balances the interests of both its consumer and partners, Grab is making a long-term commitment towards inclusive growth and innovation for the digital economy on three fronts —these are empowering SMEs to thrive online, developing a hyperlocal tech to solve problems for Southeast Asia and investing in and creating equal opportunities for Southeast Asian talent development.
At a doorstop interview, Grab Singapore managing director Yee Wee Tang said many “Grabbers” did not expect for the company to own a building or celebrate a 10 year anniversary. “The 10 years have been really exciting but challenging as we tried to solve the problems that we hear from our users,” he adds.
When asked, Yee did not respond to whether Grab might do a secondary listing in Singapore, deferring instead to his PR team member, who said "he is not the right person" to take this question. Grab listed late last year on the Nasdaq.
Shares in Grab closed 12 cents higher or 3.37% up on August 10 at US$3.68.
