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Grab loses two top fintech veterans amid its business restructuring

Benzinga Real-time News ·  May 25, 2022 08:52  · Latest

  • $Grab Holdings(GRAB.US)$ lost two top executives in its fintech business, adding to other senior departures as the Southeast Asian ride-hailing and delivery firm rejigs the critical unit at the loss-making group, Reuters reports.

  • Chris Yeo, who headed Grab's payments and rewards business and has been with the company for nearly six years, and Jeffrey Goh, who led the payments gateway business, are serving their notice periods.

  • Both Yeo and Goh worked at the Grab Financial Group's GrabFin unit, an essential plank of Grab's regional growth strategy.

  • The report noted that Grab's head of lending, former banker Ankur Mehrotra, who played a vital role in the fintech unit's expansion, recently quit after a six-year stint.

  • In 2022, Grab's senior tech executives also departed to lead a cryptocurrency gaming firm, while Grab's head of insurance and wealth left to form a startup.

  • Grab acknowledged its focus on expanding its regional fintech ecosystem and significant opportunity in Southeast Asia across all its businesses.

  • Grab said its country teams would now lead its fintech operations.

  • GrabFin streamlined its regional and country teams to focus on lucrative areas and sought to cut losses in the many areas GrabFin operated.

  • Since the December SPAC listing, Grab's shares have lost ~75% of their market value.

  • Price Action: GRAB shares traded higher by 2.35% at $2.61 in the premarket on the last check Wednesday.

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