Singapore’s ride-hailing startup, now valued at $10 billion, set out with the objective of making taxi services safer for customers, but it has also made business better for drivers. Over 3 million drivers across eight countries in Southeast Asia use Grab; according to the company, a survey found that its drivers earned 32% more per hour than the average local pay. The company has expanded into financial services, harnessing its data to offer insurance plans to its drivers, and using big data to generate credit scores and offer micro-loans. On a broader scale, its mobile payment app, GrabPay, allows users to make transactions and store cash virtually. In Southeast Asia, where roughly 70% of people are unbanked, solutions like this can be a vital lifeline.
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