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Grab's tie-up with MUFG signals serious move into fintech

Southeast Asian 'super app' banks on $706m deal to differentiate from rivals

Grab claims its app has been downloaded over 160 million times. (Photo by Ken Kobayashi)

SINGAPORE -- Japan's Mitsubishi UFJ Financial Group's $706 million strategic investment in Grab will help the Singapore ride-hailing company fulfill its ambition to become a regional fintech player as it counts on the partnership to reach millions of Southeast Asia's underbanked population.

The linkup comes as reports surfaced of potential merger talks between Grab and its Indonesian rival Gojek -- a development that would create the region's biggest tech group if realized. Financial expansion, though, is key to Grab's future plans, as it sees the sector as a growth generator that will bring in more profit.

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