Yoma Strategic to provide vehicle leasing, financing options to Grab’s drivers in Myanmar
The partnership is also aimed at transforming the country’s transportation sector by improving taxi standards, safety and efficiency
Southeast Asia’s leading on-demand transportation company Grab has announced a partnership with SGX-listed Yoma Strategic — a business corporation with a diversified portfolio of businesses in real estate, consumer, automotive and heavy equipment, financial services and investments in Myanmar — to provide vehicle leasing and financing options to Grab’s driver-partners in the country.
The partnership is also aimed at transforming the country’s transportation sector by improving taxi standards, safety and efficiency to improve passengers experience. This will increase the incomes of driver-partners and provide them with access to better quality vehicles.
Also Read: Grab’s new marketplace app GrabCycle brings multiple bike-share brands on a single platform
As per a press statement, approximately 70,000 taxis in Yangon alone require upgrading to newer car models, along with better and regular maintenance.
Melvyn Pun, Yoma Strategic’s CEO, said: “This partnership will complement Yoma Fleet to provide vehicle rentals to Grab’s driver-partners, helping to improve the quality of the vehicles, driver service and safety standards for taxis in Yangon.”
Grab, which forayed into Myanmar in March 2017, launched offers GrabTaxi Plus (a service to encourage drivers to maintain the highest standards of vehicle quality and maintenance, in return for higher earnings), and Grab for Business (for corporates). The partnership with Yoma will support both these new services in Myanmar.
Grab is Southeast Asia’s leading on-demand transportation and mobile payments platform with more than 81 million app downloads and over 2.4 million drivers across its network. Grab currently operates its ride-hailing app services in 178 cities across eight Southeast Asian countries – Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.
Listed on the main board of the Singapore Securities Exchange Trading Limited (SGX-ST), Yoma Strategic is a leading business corporation with a diversified portfolio of businesses in real estate, consumer, automotive and heavy equipment, financial services and investments in Myanmar.
Also Read: Uber for Myanmar, Hello Cabs, raises funding and will compete with Grab and Go-Jek
In August last year, Grab announced it would pump US$100 million over the coming three years into growing its Myanmar market share. It aims to roll out a suite of Grab products including its e-payment platform GrabPay in the country.
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