BANGKOK, Nov 8 (Reuters) - Thailand’s Kasikornbank PCL on Thursday said it will invest $50 million in Grab, becoming the latest investor to respond to the Singapore technology startup’s ongoing fundraising effort.
The partnership will help Grab launch its in-app GrabPay electronic wallet in Thailand, taking the service into its sixth Southeast Asian market.
Branded “GrabPay by KBank”, the service will compete with TrueMoney from True Corp PCL as well as Rabbit Line Pay from messaging application LINE - owned by South Korea’s Naver Corp - offered in conjunction with local telecommunications firm Advanced Info Service PCL and mass transit firm BTS Group Holdings PCL.
Grab is mainly known for its ride-hailing business, which is not fully regulated in Thailand. (Reporting by Chayut Setboonsarng; Writing by Patpicha Tanakasempipat; Editing by Christopher Cushing)