Grab raising $706 mln from MUFG to roll-out financial services

TIS

25/02/2020 06:00

SINGAPORE, Feb 25 (Reuters) - Southeast Asian ride hailer
Grab is raising $706 million from Mitsubishi UFJ Financial Group
Inc (MUFG)  8306.T  and $150 million from Japanese IT services
firm TIS Inc, as it seeks to expand aggressively into financial
services.
    "MUFG's investment into Grab is a vote of confidence in our
super app strategy and our ability to build a long-term,
sustainable business," Ming Maa, Grab's president, said in a
statement on Tuesday.

 (Reporting by Takashi Umekawa in Tokyo and Anshuman Daga in
Singapore; Editing by Christian Schmollinger)
 ((Takashi.Umekawa@thomsonreuters.com;))