Grab, the eminent super-app in Southeast Asia renowned for its wide array of services encompassing ride-hailing and food delivery, has recently integrated web3 services into its platform, culminating in the introduction of Non-Fungible Token (NFT) vouchers through a collaboration with the Monetary Authority of Singapore (MAS).
As of Q3 2023, the app boasts an impressive user base, with over 34.9 million monthly active users, and maintains operations in more than 500 cities across the region.
Among the notable features of this update is the provision for users to seamlessly create web3 wallets within the app. Additionally, users can accrue rewards, making Grab an appealing choice for those seeking to engage with the expanding realm of decentralized finance (DeFi).
Furthermore, Grab is at the forefront of integrating NFTs into everyday consumer experiences. Users of the app can now conduct transactions using NFTs, marking a significant stride toward the mainstream adoption of these digital assets.
Of particular significance is Grab’s collaboration with the Monetary Authority of Singapore (MAS), which entails the offering of NFT vouchers for popular dining and experiential activities in Singapore. This represents a governmental endorsement of web3 technologies in consumer services, setting a potential precedent for future partnerships of a similar nature.
It’s worth noting that this rollout is currently available in Singapore, potentially serving as a testing ground for future expansion into other cities and countries where Grab operates.
The partnership between Grab and MAS is not an isolated event; earlier in June, Grab participated in a pilot study conducted by the financial institution. The study sought to explore the application of various digital assets, including central bank digital currencies (CBDCs), tokenized bank deposits, and stablecoins.
In addition to its collaboration with MAS, Grab has joined forces with tech titan Amazon and Southeast Asian financial firm Fazz to experiment with a groundbreaking digital asset-based payment system known as Purpose Bound Money. This collaboration reflects Grab’s commitment to pushing the boundaries of innovative financial solutions.
