KUALA LUMPUR, Oct 4 — Online-to-offline (O2O) platforms Grab and Fave today announced their strategic partnership, aimed at accelerating their growth across the region.
The partnership will see Fave bring on board the best merchants for food-delivery service GrabFood and e-wallet facility GrabPay in Singapore and Malaysia.
Fave will also integrate GrabPay as one of its payment options, alongside credit and debit cards.
This means customers with GrabPay account would be able to spend their mobile wallet balance on any of the interesting deals — including dining, beauty and wellness, fitness travel and more — in the Fave network.
At the same time, Fave can benefit from Grab’s large customer base of more than 110 million application downloads across the region.
Fave founder Joel Neoh called the collaboration ‘a valuable win-win situation’ for both merchants and consumers.
“By providing GrabPay wallet as a payment option on the Fave platform, our merchants will immediately benefit from additional customer traffic from the millions of people who use the Grab platform daily.
“For customers, we have just made life easier for paying at our Fave merchants by partnering with the leading mobile wallet in the region,” he said in a statement here.
Meanwhile, Grab Financial senior managing director Reuben Lai said the company has always believed that a collaborative approach is the way to go if the region is headed towards being a cashless society.
“We are happy we can now count Fave, one of the fastest growing O2O platform in Southeast Asia, as a strategic partner. As the region’s leading fintech platform, we will increasingly offer integrations through GrabPlatform.
“This allows more local and global partners to tap into previously untapped consumers and grows the Grab ecosystem as an everyday app.”
The integration of the GrabPay wallet was done through GrabPlatform, a suite of APIs that enables partners to access components of Grab’s technology like logistics and payments.
Further collaborative efforts will be focused on integrating more services such as rewards programs, and GrabPay’s QR code payments with Fave.
The companies are currently exploring additional ways to collaborate and help small and medium-sized enterprises grow their business.