Grab, Uber’s Southeast Asian Rival, Debuts Web3 Services with Circle

Southeast Asia’s leading technology startup, Grab, famed for its role as a super app, is embarking on a novel initiative. The company is launching pilot Web3 services in the dynamic city-state of Singapore. This strategic move results from their collaboration with Circle, the USD Coin (USDC) issuer. 

As the tickers reported a dip of $1.00 on September 14, Circle announced this significant partnership concurrently. Singapore’s tech-savvy Grab users now have a new offering on their menu – the “Grab Web3 Wallet”.

This avant-garde service incorporates Circle’s state-of-the-art Web3 Services platform into the Grab application. It’s intriguing how this platform seeks to bridge the gap between contemporary businesses and the futuristic world of stablecoins, digital assets, and smart contracts.

Further sweetening the deal for Singapore’s Grab enthusiasts, this pilot initiative allows qualified Grab app users to venture into blockchain. They can now establish a blockchain-facilitated wallet, reap exclusive rewards, amass collectibles, and even take advantage of Non-Fungible Token (NFT) vouchers. 

Also Read: Singapore Workers Are the World’s Fastest in Adopting AI Skills

Background on Grab

Founded in 2012 under MyTeksi, Grab has grown into one of Southeast Asia’s most influential tech entities. With its headquarters in Singapore, Grab has diversified its portfolio into a multiservice platform. The app, now predominantly recognised as a “Super-app”, offers a wide range of services, including ride-hailing, prompt food delivery, and streamlined digital payments. 

Grab’s influential presence spans several regional countries: Singapore, Malaysia, Cambodia, Indonesia, Myanmar, the Philippines, Thailand, and Vietnam. Reportedly, the app has managed to capture the reliance of over 187 million users, making its mark in an impressive 330 cities across Southeast Asia.

Grab & Circle: Expanding Horizons in Southeast Asia

Grab’s latest venture into Web3 services with Circle is a testament to the latter’s escalating presence in Singapore. Circle’s commitment to the region became particularly evident in 2023. In May of that year, they inaugurated their official office. Barely a month later, in June, the Monetary Authority of Singapore granted them the esteemed Major Payment Institution license, signalling their acceptance as a significant player in the financial sector.

Circle’s endeavours in Singapore aren’t limited to this partnership with Grab. In the past, they joined forces with Tribe, a government-backed blockchain ecosystem developer in Singapore. This collaboration was tailored to bolster the local Web3 development, showcasing Circle’s dedication to fostering regional innovation and growth.

Web3 Inclusion: A Milestone in Decentralised Innovation

Integrating Web3 services into Grab’s ecosystem is pivotal in advancing decentralised technologies. The feature enables users to establish Web3 wallets, unlocking many opportunities rooted in blockchain. This strategic decision serves dual purposes: It responds to the escalating demand for decentralised offerings and cements Grab’s position as a vanguard in the rapidly evolving technological landscape.

You can also read more about Web3 and the future here.

NFTs, F1, and Financial Innovation in Singapore

The “Grab Web3 Wallet” will soon be integrated for all users of the renowned Grab ride-hailing application. This strategic move will enable users to accrue rewards and unique collectibles while capitalising on NFT vouchers. This wallet is set to bolster the utilisation of the SG Pitstop Pack NFT vouchers, notably at leading Singaporean retailers and key tourist attractions. This synchronises perfectly with the much-anticipated F1 Singapore Grand Prix.

In a recent statement, Jeremy Allaire, the Co-founder, and CEO of Circle, said, “Circle is focused on partnering with global-scale consumer internet brands to bring everyday utility to users. Piloting our technology with Grab’s customers brings us closer to realising the full potential of responsible digital assets innovation”.

The Monetary Authority of Singapore’s Role

This pilot project’s primary objective is to exemplify the tangible application of Purpose Bound Money — a pivotal component of the Monetary Authority of Singapore (MAS)’s Project Orchid. Built upon the foundation of blockchain technology, Purpose Bound Money provides users with an unhindered pathway to digital currency without the requisition of an intermediary, facilitating seamless integration with their wallet provider of choice.

Marking its footprint, Circle inaugurated its Singaporean headquarters in May of the current year. By June, it secured a paramount payment institution license from the MAS, which equipped it to spearhead digital payment token services. Expanding its horizon beyond Singapore, Circle is also exploring opportunities to issue its stablecoin in the Japanese market.

Conclusion

Grab has grown from just a taxi booking app. Now, it does a lot more. People can use Grab to order food, send packages, and even pay bills. By adding Web3 tech to its app, Grab is becoming a big name in the online world. In short, Grab working with Singapore’s money authority and adding Web3 is a big deal. It could change how we use tech for rides, paying for things, and more. Grab shows that as more people worldwide use Web3 tech, it’s a top tech company in Southeast Asia. How we book rides and use online services in this area is changing, and Grab is at the front of this change.

Frequently Asked Questions

Can I Use the Grab App Outside Singapore?

Grab, hailed as Southeast Asia’s “Everyday everything” super-app, boasts an expansive operational presence beyond its origin in Singapore. Today, the app seamlessly caters to users across eight countries: Singapore, Malaysia, Vietnam, Cambodia, Indonesia, Thailand, Philippines, and Myanmar. This cross-border functionality ensures that users enjoy a consistent and reliable experience, irrespective of their location within these eight countries.

How Has Grab Integrated Web3 Services Into Its Platform?

Grab has introduced Web3 services, allowing users in Singapore to access a new tab for setting up a Web3 wallet. This wallet enables users to win blockchain-based rewards and receive NFTs. Partnering with the MAS, Grab offers NFT vouchers, which can be redeemed at popular city spots, including the upcoming F1 Singapore Grand Prix.

Where Is Grab’s New Web3 Wallet Feature Available, and What Does It Support?

Currently, the Web3 wallet feature is available to Grab users in Singapore. The wallet operates on the Ethereum layer-2 scaling network, Polygon. It supports two digital assets: SG Pitstop vouchers and digital collectibles from SG Pitstop Pack. It’s also noteworthy that accounts in this Web3 wallet use a PIN password for security. It can be restored through questions and answers rather than a private key.