Uber exited Southeast Asia last year after it sold its local business to Grab but it continues to remain in Singapore, where it has now opened a new regional HQ for Asia Pacific and is hiring for staff.
The company — which is headed for IPO imminently — won’t be restarting its service, however, which puts it in a rather interesting position in Singapore.
The writing has been on the wall for some time, though. TechCrunch reported last August that Uber was on a hiring spree in Singapore, and now that has come to fruition with the opening with a new 2,000 sq meter office near the Central Business District in Singapore. That’ll function as the management center for the nine markets that Uber operates in across Asia Pacific, which include Japan, Korea and Australia. India, Uber’s second largest market, is managed separately to the rest of the continent.
Uber’s Southeast Asia sale — which saw it take a tactical 27.5 percent stake in its Singapore-based rival — gave Grab first refusal on a lot of Uber’s operational talent, but most of Uber’s core management team remained with the company in Singapore. For example, Brooks Entwistle, who was hired as chief business officer for Asia Pacific in 2017, remains stationed there as Uber’s international chief business officer.
Straits Times reports that Uber’s Singapore headcount is at least 165 with some 17 vacancies open right now. As we reported last year, the company was aiming to hire at least 75 roles to take its Singapore-based team to over “well over” 100 — it seems that it did that and then some.
In its latest move beyond ride-hailing, Southeast Asia’s Grab has started to offer financing to SMEs and micro-insurance to its drivers.
The launch comes just weeks after Grab raised $1.5 billion from the Vision Fund as part of a larger $5 billion Series H funding round that’ll be used to battle rival Go-Jek, which is vying with Grab to become the top on-demand app for Southeast Asia’s 600 million-plus consumers.
Grab acquired Uber’s Southeast Asia business in 2018 and it has spent the past year or so pushing a ‘super app’ strategy. That’s essentially an effort to become a daily app for Southeast Asia and, beyond rides, it entails food delivery, payments and other services on demand. Financial services are also a significant chunk of that focus, and now Grab is switching on loans and micro-insurance for the first time.
Initially, the first market is Singapore, but the plan is to expand to Southeast Asia’s five other major markets, Reuben Lai, who is senior managing director and co-head of Grab Financial, told TechCrunch on the sidelines of the Money20/20 conference in Singapore. Lai declined to provide a timeframe for the expansion.
The company announced its launch into financial services last year and that, Lai confirmed, was a purely offline effort. Now the new financial products announced today will be available from within the Grab app itself.
Grab is also planning to develop a ‘marketplace’ of financial products that will allow other financial organizations to promote services to its 130 million registered users. Grab doesn’t provide figures for its active user base.
Grab announced a platform play last summer that allows selected partners to develop services that sit within its app. Some services have included grocery delivers from Happy Fresh, video streaming service Hooq, and health services from China’s Ping An.
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It looks like there’s more trouble round the corner for Uber. Reuters is reporting that the U.S. Department of Justice has opened a criminal investigation into the company’s controversial “greyball program” which helped it sidestep law enforcement officials and regulators. The existence of the program was made public in early March following an explosive report from The… Read More
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