SINGAPORE (Apr 16): Grab’s takeover of Uber Technologies’ Southeast Asian operations has already begun. Save for Singapore and the Philippines, where authorities are investigating the deal, the Uber app was shut down in Malaysia, Cambodia, Vietnam and other regional markets on April 8. With the lion’s share of Southeast Asia’s ride-hailing market in its pocket, Grab can now be expected to expand aggressively into other sectors.

The company has already indicated an interest in the financial services sector. On March 13, Grab announced it would offer loans and insurance to its user base of 86 million. The company is targeting consumers and small businesses that are not served by banks in the region. It will partner Credit Saison Co, Japan’s largest credit card company, to build financial products for the region. This could range from working capital loans to financing for consumer goods purchases. Grab has also teamed up with global insurance provider Chubb to offer insurance products to its 2.6 million drivers. Grab says it wants to partner other financial institutions to offer a greater variety of financial products and services.

“We are building the largest consumer internet platform in Southeast Asia. In five years, whether you need to travel, pay, eat or find a valuable way to provide income for your family, we want to be the platform for you,” says Jason Thompson, managing director of Grab Financial and director of Grab Financial Services Asia. “Grab Financial will offer financial services that enable the millions of emerging consumers and micro-entrepreneurs across Southeast Asia to get access to the goods and services they need.”

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