Hong Kong / Singapore – Grab, Southeast Asia's leading super app, and Citi, the largest pan-regional credit card issuer, today announced the launch of an exclusive co-branded Citi-Grab credit card across Southeast Asia. The card is available in the Philippines from today and will be launched in Thailand in the second half of the year.
The co-brand card partnership expands an ongoing collaboration between Citi's Consumer Banking business and Grab that dates back to 2016. Grab is also a Citi Commercial Bank client and Citi has participated in Grab's financing round through Citi Ventures, the bank's venture capitalist arm.
Citi and Grab's latest co-brand initiative allows the companies to benefit from each other's respective strengths. Grab will be able to offer its users credit card benefits and rewards and extend its offering to Citi's affluent cardholder base in the region. Citi will be able to scale its business to Grab's unique mobile-first user base in Southeast Asia.
"Citi has been a long-term partner since 2016, and there is great synergy between both Citi and Grab. The Citi Grab credit card is a natural next step as we create more value for our digital first, always in GrabPay users. This will bring us one step further in realizing our vision of becoming the leading everyday super app in SEA," said Huey Tyng Ooi, Managing Director of GrabPay Singapore, Malaysia and the Philippines.
"The launch of the Citi-Grab credit card strengthens our continued successful partnership with Grab and gives Citi the opportunity to leverage our expertise in credit card services to a new all-digital consumer base. From the initial Consumer Banking relationship, we have deepened our partnership with Grab across the Citi franchise. Today's announcement affirms how Citi is establishing itself globally as the partner of choice to accelerate growth for our partners and add value to customers," said Sergio Zanatti, Head of Cards and Personal Loans, Asia Pacific, Citi.
In 2016, Citi and Grab announced their first partnership across six markets in Southeast Asia. In what as a regional-first, the partnership enabled Citi cardholders to use their earned points and miles to pay for rides on the Grab platform.
Since then, the partners have systematically widened the scope of their cooperation to include all of Grab's services. This includes incentives for topping up the GrabPay wallet, to gifts and cash back benefits for spending on Grab services.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Grab is the leading super app in Southeast Asia, providing everyday services that matter most to consumers. Today, the Grab app has been downloaded onto over 150 million mobile devices, giving users access to over 9 million drivers, merchants and agents. Grab has the region's largest land transportation fleet and has completed over 3 billion rides since its founding in 2012. Grab offers the widest range of on-demand transport services in the region, in addition to food and package delivery services, across 336 cities in eight countries.