PM meets with Grab founder, briefed on GX Bank's RM1.5 bln investment plan

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim received a courtesy visit from the co-founder and chief executive officer of Grab Holdings Inc., Anthony Tan today.

Tan was accompanied by Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz.

In a post on Facebook, Anwar said he was briefed on Grab's potential investment in Malaysia during the meeting.

"This is related to businesses such as Grab and Jaya Grocer. In addition, the operation of GX Bank is expected to involve an investment of RM1.5 billion for the next five years," said the Prime Minister.

GX Bank Bhd is a digital bank in Malaysia through a joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel).

Commenting further, he said they had also discussed how Grab can grow with a business model that also helps Malaysian communities and businesses in increasing opportunities to generate income.

"Hopefully, Anthony's tenacity will be an inspiration to other Malaysians, especially those who are interested in venturing into the field of technology entrepreneurship," he added.

Tan is a Malaysian-born entrepreneur who successfully founded a technology company listed on the Nasdaq Stock Exchange in the United States.

Grab now has a market capitalisation of US$12.34 billion (US$1=RM4.75).

-- BERNAMA