SINGAPORE - Grab is shuttering its investment products AutoInvest and Earn+, and winding down its GrabInvest business.
“The decision follows an extensive review which concluded that the business would not be commercially viable,” said Grab in an e-mail to customers on Monday.
The GrabInvest business was serving only the Singapore market, as Grab did not roll out either investment product to other markets in the region. Customers were told to withdraw their monies from the products by Oct 13.
The Business Times has reached out to Grab with questions on the shuttering.
The move comes after Grab’s recent second-quarter results showed narrowing losses and potentially earlier adjusted earnings before interest, depreciation and amortisation break even.
The investment products were a result of Grab acquiring robo-advisory firm Bento in 2020, along with its capital markets licence. Bento was rebranded as Grab Financial Group after the acquisition, with AutoInvest the first investment product launched.
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