Southeast Asia-based super app Grab has incorporated web3 services, digital asset news portal The Block reported on Thursday.
According to the news portal, users can now set up a web3 wallet, win blockchain-based rewards, pay with NFTs and more. Grab has also partnered with the Monetary Authority of Singapore (MAS) to bring NFT vouchers for popular eats and experiences in the city, according to Grab app screenshots viewed by The Block.
Grab did not respond to a request for comment from The Block. It appears the web3 services are first available in Singapore, the report added. Grab has yet to respond to TNGlobal’s query at press time.
According to the report, earlier in June this year, Grab has signed on to be a part of a pilot study with the MAS on the use of three digital assets including central bank digital currencies, tokenized bank deposits and stablecoins.
Grab, along with Amazon and Southest Asian financial services firm Fazz, has also tested escrow arrangements for a new digital asset-based payment system called Purpose Bound Money, the report added.
Singapore-headquartered Grab provides various services including ride-hailing, food delivery, online payment services among others, in several countries in Southeast Asia including Singapore, Malaysia, Vietnam, Thailand, Indonesia, Cambodia and the Philippines.
Earlier this week, the Grab-led digital bank, GX Bank Bhd (GXBank), becomes the ﬁrst of the ﬁve digital bank licence applicants to receive the approval to commence operations from the regulators in Malaysia.
GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including Kuok Group, founded by Malaysia’s richest tycoon Robert Kuok.
In Singapore, GXS Bank, which is backed by a consortium consisting of Grab Holdings (Grab) and Singtel, has launched Singapore’s first digital bank for consumers and businesses in August last year.