back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Citi launches first lending API partnership with Grab in APAC

By Edil Corneille

January 08, 2021

  • Citi
  • Singapore
Share

Citi, Grab, API, lending, APACCiti and Grab, Southeast Asia’s super app, have expanded their partnership in consumer lending with the launch of the bank’s first API-enabled lending capability with Grab in the Asia Pacific region.

Beginning with Singapore with more markets in the region to follow, existing and eligible Citi credit card customers can apply for a personal instalment loan (or Citi Quick Cash) through the Grab app via API.

This means that qualified customers who meet Citi’s lending criteria can seamlessly apply for a loan from Citi through the Grab app, with flexible repayment options ranging from 12 to 60 months to help them manage their personal finances.

Citi Quick Cash enables eligible customers to convert the available credit limits on their respective Citi credit cards into a cash loan that is payable in monthly instalments. Currently, most of the Citi Quick Cash loan applications in Singapore are already acquired digitally.

“Citi is proud to be the first banking partner to offer personal loans on the Grab app. Our partnership with Grab has progressed from strength to strength as we continue to expand our presence in digital ecosystems,” said Sanjay Nambiar, Regional Head of Partnerships, Asia Pacific and EMEA, Citi. “We have long recognized that consumers in Asia are inclined to use digital apps for various lifestyle and daily needs, including more increasingly, their payment and lending needs. We are excited to further our strategic partnership with Grab while deepening our engagement with our expanding digital-first customer base.”

With the API connectivity, eligible customers are able to perform select actions on a partner’s digital e-commerce site or app, using a secured connection developed, controlled and owned by Citi. When a Citi Quick Cash application is initiated through the Grab app, the information is then sent to Citi through the APIs where the loan will be processed, reviewed and disbursed.

Vikas Kumar, Head of Cards and Personal Loans, Citibank Singapore said, “Citi has always strived to be an early mover in the digital space, and I am pleased to announce the launch of our API partnership with Grab in Singapore, making Citi the first banking partner to offer integrated personal loans on the Grab app. As we continue to integrate our products and services in digital ecosystems, we hope to drive deeper engagement with our customers and make every experience seamless and secure.”

Ankur Mehrotra, Managing Director and Head of Lending, Grab Financial Group said, “Grab is committed to serve the everyday borrowing needs of our customers with responsible access to credit. We are excited to partner with Citi to do so, offering a financing solution for qualified users through a seamless Grab app experience for the first time. With more consumers in Singapore rapidly taking up digital financial services and being more interested in safeguarding their financial health, we hope that this integrated solution will help them manage their finances more effortlessly.”

The extension of Citi’s consumer lending partnership with Grab follows from the launch of the Citi-Grab credit card in June 2019. The wider partnership of the 2 parties dates back to 2016 when a collaboration was announced across six markets in Asia, including Singapore. Since then, Citi credit card customers have been able to use points or miles earned to pay for services on the Grab platform.

Since 2016, the partners have widened the scope of their cooperation to include additional Grab services including incentives for topping up GrabPay wallets as well as cash back benefits for spending on Grab services.

Previous Article

January 08, 2021

London- based Bitstocks launches first crowdfunding campaign for Gravity

Read More
Next Article

January 08, 2021

4 FinTechs disrupting the Latin American Financial ecosystem

Read More










IBSi Daily News Analysis

The Weekly Wrap

August 19, 2022

Citi

The Weekly Wrap: all you need to know by Friday COB | August 19th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 19, 2022

Staircase launches Credit Waterfall for mortgage lenders

Read More

August 19, 2022

Ezeepay launches its Ezee Khata, Ezee Care & Ezee Pan services

Read More

August 19, 2022

GetVantage strengthens leadership team with two key appointments

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022